Brisbane's Roma Street has been nominated as the prime spot to construct a new entertainment arena as the Queensland capital gears up for its bid for the 2032 Olympics.
The state government announced on Saturday it had begun fielding private sector interest to construct the facility.
The plan for a new arena for the city has been discussed since 2014 and is part of a wider precinct strategy focusing on the five stations of the new Cross River Rail project.
Minister for Innovation Kate Jones said two companies had already expressed interest in building what would be known as Brisbane Live arena.
"We are market-sounding for the new Brisbane Live arena," she said, with the process likely to run over the next six months.
The wider concept is supported by both side's of parliament.
Combined with Cross River Rail, it is hoped the revitalisation of Roma Street, Albert Street, Woolloongabba, Boggo Road and the Exhibition Grounds will boost the city's economy and livability.
The new area will be an important piece of infrastructure in the bid to host the 2032 Summer Games.
However the opposition has criticised the government for making multiple announcements on projects without taking action.
"This is at least the fourth announcement made about Brisbane Live precinct in the last three years," deputy leader Tim Mander said on Saturday.
"We are totally supportive of the concept and we supported it in the last election campaign but we have no confidence in this Labor government being able to deliver it."
Australian Associated Press