The future shape of Bridge Mall could be drafted in the next few months.
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The City of Ballarat has invited expressions of interest from urban designers as well as landscape and architecture firms to share their visions of how the mall could look in years to come.
It comes following councillors' approval of the Bakery Hill Renewal Plan in October.
Three shortlisted firms will produce concept designs, which will be released for consultation.
A recommendation will then go before councillors early next year, according to a council press release.
The mayor of Ballarat Cr Ben Taylor said the designs were "an important step" for the rejuvenation of Bridge Mall.
He called it an "exciting opportunity" for Bridge Mall traders.
"I am looking forward to seeing how the design companies will approach balancing the history and heart of the Bridge Mall with the urban expansion planned for the surrounding Bakery Hill precinct," he said.
"It's really important, it's in the entrance to our CBD. We all know we need to something. We have to act in some way."
The design brief includes scoping out space for green and community areas. Designs are also asked to encourage more eating and dining areas and be sympathetic to the heritage buildings that line the mall.
Designs would also include scope for renewed vehicle access along Bridge Street, which would be reopened for the first time since 1981 under the proposals.
In May this year, council revealed plans to breathe new life into the shopping precinct, which has suffered from years of closures and decline.
Under the plans, the City of Ballarat committed to invest $15 million over the next three financial years.
It also suggested re-opening the mall to traffic, an idea that has been previously considered but then dropped due to widespread opposition.
However, council officers said in May the need to take action to rejuvenate the retail area had become too overwhelming.
The wider vision for Bakery Hill is to boost the population and economic activity in an area that has sometimes struggled in recent years.
Concept designs released in August showed areas currently occupied by big retailers such as Big W replaced by residential developments.
However, concrete plans are a long way from being finalised. The City of Ballarat's manager of economic partnerships James Guy said in August that the plans showed a possible vision looking ahead as far 2050. He said council was presenting a long-term vision to give developers the confidence to invest.
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