The City of Ballarat committed $15 million to the project in 2019, though officers later reported the full "vision" will cost upwards of $17.6 million.

Mayor Daniel Moloney said it will be "tightly scoped" when it goes out to tender later this year, and it is unlikely any compensation for affected traders will be included.

"We've got our $15 million budget and that doesn't get to increase, so we've got to fit everything in it," he said.

"Everything we do that's not construction-related has to come out of the scope, the agreement across the board is we'll manage the impact as best we possibly can.

"We have to keep this scope tightly under control - we'd love to do so much more, we'd love to further support the traders and further activity, but this is going to be a budget that will be fairly tight to fit into that in its own right.

"The decision in a high inflation environment for councillors and the community more broadly will be if those tenders come in at more than that, do we reduce scope or do we increase budget, this will be a discussion for every single project."

Early construction works are expected to begin this year, while major work is set to begin after the Christmas shopping period.

The final designs, from architects Hassell, incorporate more trees and informal meeting spaces into the reopened street, which will be renamed Bridge Street.

The suggestion of the "portal" down to the Yarrowee River is included, while Grenville Street's south-bound lane will be closed and turned into a linear park - this is also where the "named bricks" will be relocated.

There will be a bridge-themed playground, and innovative lighting and projectors will create a "canvas" on the street's historic buildings.

Bluestones from the former La Trobe Street saleyards will be used on the street itself, providing a visual, tactile, and auditory signal to drivers and pedestrians.

Hassell principal Mark Haycox said given the precinct-wide focus, it was a particularly large project.

"Normally on a project of this nature, given how many hundreds of years of stuff's been happening under that ground, there's probably a few things that pop up, from alluvial gravels to underground drainage, to tram tracks and all sorts of stuff," he said.

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"It's a large project, it's not just Grenville and Bridge streets but the whole precinct, but the level of engagement by the community and traders has been terrific, trying to add a lot of value and interest into the project."

Bridge Mall Traders Association vice-president Shane Donnithorne said businesses were optimistic about the changes.

"It's just going to create that energy that will make us feel like part of the CBD," he said.

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"We're hoping that the project will be finished by 2026, by then, we'd hope more restaurants and cafes are attracted to the area."

Cr Moloney said in no uncertain terms the project will be completed during the current council term, in 2024.

"If we start construction early next year, there's no risk of works getting into the Commonwealth Games period, the risk is if we continue to delay the project," he said.

"We need to get it done a long time before then or we're going to see significant cost escalations."

Walking through the mall, while reasonably busy on a sunny Friday morning, the number of vacant shopfronts was conspicuous.

"Essentially, at the end of the process, we're going to hand over a beautiful street and connecting laneways back to the community, and then that's your invitation to pick it up and run with it," Mr Haycox told a crowd of council representatives and traders.

"Landscape architecture and building the public realm can only do so much - the energy, the investment, the passion comes from you as a community and it really needs to flow into the space to support all the retail tenancies here, the stakeholders, council, really bringing that energy and vibrancy back into Bridge Street.

"We're setting the canvas, then it's an invitation to the community to really pick it up and run with it."

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