Lord Mayor Sally Capp said workers are on site delivering a $30 million project to restore the heritage sheds and the $450 million Munro development alongside the market.
"We're supporting our city economy and creating 500 new building and construction jobs from our investment in the market precinct," the Lord Mayor said.
"It's more important than ever that we get on with renewal to protect everything that is great about the market – for shoppers, traders, visitors and all Melburnians.
"We will create 50 jobs through the careful restoration of the heritage sheds. We will improve weather protection, including roof insulation and plans for new blinds and awnings to protect traders and customers from the heat, sun and rain.
"A crane will be on-site installing the new roofs. One hectare of solar panels will also be installed across the sheds and market buildings, which will generate power across the entire market."
"The solar system will produce around 1,000,000 kw per year, saving 1,300 tonnes of CO² emissions per year. More than half of the energy will be used to power the market, with the remainder returned to the grid."
Chair of the Arts, Culture and Heritage portfolio Councillor Rohan Leppert said the preservation of the market's 142-year-old heritage is a key priority.
"The open-air sheds are an important part of the market experience, with many of the sheds dating back to the market's grand opening in 1878," Cr Leppert said.
"I encourage everyone to keep supporting the Queen Victoria Market during these challenging times. We're doing our bit to preserve the traditional market experience for future generations."
The restoration works have been fast-tracked by eight months, with all 12 of the market's sheds to be restored by mid-2022.
"The Munro development is taking shape and will create jobs for up to 450 construction workers," the Lord Mayor said.
"The below-ground car park for market customers is on-track to open next year; just 20 metres from fresh produce traders' stalls."
"The project will include 490 apartments in one of Melbourne's first build-to-rent projects. These properties would be built for long-term rental rather than offered for sale.
The City of Melbourne is supporting the market's more than 600 small businesses and their 2000 employees through the COVID-19 pandemic.
"We're supporting Queen Victoria Market traders through a comprehensive package that includes rent relief, business grants, and free business-related mentoring," the Lord Mayor said.