A historic deal has been struck with the owners of 248 properties, which could lead to the construction of a new city on the coast between Brisbane and the Gold Coast.
The deal offers scope for education, housing, retail and commercial space, in addition to a Disney-sized theme park, the Gold Coast Bulletin reports.
A stretch of sugarcane land bordered by the M1, Moreton Bay and two rivers has been placed on the market - and it is more than ten times the size of Surfers Paradise.
Sellers are hoping to set a new national land sale record, which is likely to be well over $1 billion.
Situated in Norwell Valley, the site has the potential to become the largest master planned city in Australia, around three times the land size of Ipswich's Greater Springfield - projected to house 105,000 people by 2030.
Many farmers make up the 40 landowners behind the new deal - and they view the 6,117 hectares as a dignified end for industry in the region. It has recently been struggling to maintain viable supply to the Rocky Point Mill.
Up to a third of the area is proposed to be registered as green space but prospective buyers would become master planners of the valley.
This would see them coordinating government approvals and engaging developers - residential and commercial alike - to deliver the extensive infrastructure required.
Gold Coast Mayor Tom Tate gave his backing to the project, suggesting it has the potential to become a major draw for tourists.
"We are talking about an expansion of the Yatala enterprise area, the southward expansion of the aquaculture industry from the north-eastern corner and primarily an expansion of the tourism, recreation and entertainment offerings," he commented.
"The secondary opportunities of education sector expansion and silicon valley-type activity is particularly exciting to me."
