Hobart waterfront to be redeveloped FEDERAL minister Anthony Albanese has announced a $50 million clean-up of a large industrial site on the Hobart waterfront so it can be redeveloped. The Macquarie Point railyards will be remediated to allow future development on the prime eight-hectare site on the River Derwent. " (This) is an once-in-a-lifetime opportunity to unlock and capture its economic, cultural and tourism potential," Minister Albanese said. It is rare for such a large public space to present itself in the heart of an established CBD and our priority is to make the very best use of this natural asset, so that it benefits the local community and visitors to this great city. The State Government says the site could be developed to include housing, tourism, education and arts facilities. The money will also fund the redevelopment of the pier servicing the ferry to the Museum of Old and New Art