Lord Mayor Sally Capp said the infrastructure plan being considered by councillors aims to create new facilities and storage for traders, enhance customer experience, improve logistics and boost sustainability.
"We're getting on with the renewal program to support traders and provide a better experience for customers," the Lord Mayor said.
"The proposal before councillors is the next exciting step in achieving the masterplan's vision and recommendations put forward by the People's Panel.
"If approved, the plan would deliver dedicated loading and recycling facilities on Queen Street to improve safety and logistics for traders, and to make the market function better for everyone who works and shops there.
"In the morning, traders would unload their produce before the area becomes a dedicated plaza where customers can enjoy food and entertainment.
"The designs would deliver improved facilities for traders, who would have access to undercover loading docks, secure storage, toilets, showers, lockers and meeting rooms."
Councillors will consider a proposal to increase Council's investment from $6 million to $10 million in order to expand the amount of purpose-built storage and refrigeration within traders' stalls.
"The next step would be to work with traders to co-design storage and refrigeration facilities to use at their stalls without affecting the heritage character of the open air sheds," the Lord Mayor said.
The Lord Mayor said creating new open space and customer car parking were also important aspects of renewal.
"We are creating a 1.5 hectare Market Square, a beautiful peoples' park on the site of the current asphalt car park. This will deliver new open space in the heart of the city," the Lord Mayor said.
"This means more spaces where people can relax, attend community festivals and enjoy all the colour and excitement of the market. If the plans are approved by councillors, a community engagement process would be started to discover what the community wants included as part of the Market Square project. "
The Lord Mayor said plans were still progressing to deliver up to 1000 customer car parks.
"This includes up to 500 car parks at the future development site on Franklin Street along with 500 already being delivered as part of the Munro development in 2021," the Lord Mayor said.
The renewal plans would feature solar power, stormwater harvesting and on-site organic waste, cardboard and pallet recycling.
"This is about working with traders to make our city's beloved market more sustainable," the Lord Mayor said.
"Upgraded recycling facilities would be quieter and improve cleanliness across the market.
"We would also install compactors to recycle cardboard and turn wooden pallets into mulch.
The Lord Mayor said the renewal program would ensure future generations will continue enjoying the market.
"These market infrastructure initiatives will future-proof the market so everyone can feel confident that our 141-year-old market can operate successfully for another 100 years," the Lord Mayor said.
For more information visit Queen Victoria Market Precinct Renewal.