SYDNEY, Oct. 3 (Xinhua) -- Work on a major arts and cultural area in Australia's New South Wales state capital Sydney is gearing up, with construction at the iconic heritage harbor front making up a significant part of the city's latest redevelopment plans, authorities said on Wednesday.

"Walsh Bay has been put on the map thanks to the work of some of our leading performing arts companies and it is exciting to be able to enter this next stage in turning our vision for a world-class arts precinct into a reality," according to a statement from New South Wales' Minister for the Arts Don Harwin.

Demolition is set to begin immediately, with hoardings and environmental controls set up as part of the Walsh Bay Arts Precinct stage one plan, he said.

Expected to cost more than 200 million Australian dollars (143.5 million U.S. dollars), the refurbished premises at the historic wharf area, near the Sydney Harbour Bridge top tourist attraction, are expected to host major performing arts groups such as the Sydney Theatre Company, Australian Chamber Orchestra and Philharmonia Choirs as well as offer extensive retail space and public facilities by 2020.

"The development brings together the evocative maritime history of Sydney, including the existing heritage buildings, with state-of-the-art facilities providing new opportunities in NSW for engagement between artists, audiences and visitors," said the theater company's executive director Patrick McIntyre.

The Walsh Bay Wharves were constructed in the 1920s and are considered the main features of the city's major harborside redevelopment aimed at restoring the area's industrial character and creating new and enhanced facilities in support of arts and culture, according to the state's planning and environmental authorities.