The Sydney Fish Market will be positioned over the water of the new harbour-side precinct, with panoramic views to the Anzac Bridge.
The building will feature food kiosks, restaurants, bars, a seafood cooking school and outdoor spaces for social events.
Plans also include new public wharves, a waterfront promenade, a new ferry stop and new community spaces.
The design is being led by Danish architects 3XN, in partnership with Sydney firms BVN and Aspect Studios.
Premier Gladys Berejiklian said the brand new fish market will draw locals and visitors to Blackwattle Bay to experience the excitement of an authentic market and auction floor, and taste some of the finest seafood in state-of-the-art surrounds.
“Relocating the fish market to the new site will return Blackwattle Bay’s foreshore to the public, improve pedestrian and cycling links and connect more of Pyrmont to the water as part of the long-awaited revitalisation of the area,” Ms Berejiklian said.
The current fish market will continue to operate during construction of the new facility, which is expected to start mid-2019.