Macquarie Point is set to become a “vibrant mixed-use precinct”, according to a refreshed plan for a currently underutilised area in central Hobart.

The latest master plan, released on Thursday by the Macquarie Point Development Corporation, includes a stadium, residential buildings, offices, cafes and space for future visitor accommodation.

The project will provide a range of housing types, including affordable homes for key healthcare workers and general market apartments.

“The residential development provides the opportunity to create high-end, medium-density housing with open north-easterly views over the River Derwent,” the plan reads.

“The development will be adapted to the stepped topography of the seafront and will be delivered with an activated ground floor for commercial, retail and/or catering purposes, as well as an improved public seafront to open up and encourage the public to use the space.”

The plan also calls for an Aboriginal Cultural Information Zone to be created on the Davey Street side of the park, with “new conversations” currently underway with community members about what this should look like.

The development will be delivered in phases over the next decade, with the first stage seeing the construction of a multi-use stadium, improvements to Macquarie Wharf and Wharves 4, 5 and 6, and works to include the northern access road and underground car park.

Next stages will include the development of housing options and further modernization of the port.

Minister for Sport and Events Nic Street said the plan was developed based on feedback received during four months of public consultation, including more than 2,200 written submissions and more than 100 meetings.

“The precinct development plan was developed by the Macquarie Point Development Corporation, which I received and approved,” Street said.

“The plan was also made available to and approved by the Federal Minister of Infrastructure, in accordance with the requirements of the Federal Financing Agreement.”

The Tasmanian Government has set a direct expenditure limit of $375 million for the stadium, which is currently undergoing a Project of State Significance process.