An inner-city suburb and a new economic center of Sydney, the capital for business in Australia. Since the Sydney’s main cargo seaport was moved to Botany Bay in 2003, Barangaroo is developing as a center for business, recreation and cultural events. The concept for Barangaroo redevelopment has been chosen in a design competition. According to the redevelopment concept, the territory is divided into three precincts. Barangaroo South is an extension of Sydney’s business district; Barangaroo Central contains public, cultural and entertainment facilities, while Barangaroo Reserve is a re-created headland park. The redevelopment activities started in 2012, and are scheduled to end in 2023.