The scheme will include three diamond textured towers of world-class architecture, joined by a pedestrian bridge featuring a park and retail space.
Early released images of the design reveal three towers each 60 metres tall, featuring a diagrid facade with faceted glass inserts.
The first phase of the project, on the South side of the railway tracks, would include a major new bus terminal serving Union Station.
The pedestrian bridge will act as a means of connecting the buildings but will also feature a one-acre "Sky Park". The landscaped park will house a restaurant and offer space for recreation and leisure. The towers will also be designed to achieve LEED Platinum certification.
The architectural designs were produced by Wilkinson Eyre, a UK-based firm that is currently working on the renovation of the famous Battersea Power Station in London.
Construction is expected to start in spring 2015 and be completed by 2018.
The elevated park follows the footsteps of New York’s High Line; Sydney’s Goods Line; the proposed Flyover for Liverpool; and the 11th Street Bridge Park for Washington DC.