East Darling Harbour is part of a massive urban renewal development. Plans for the site include half business and residential developments, while the other half to be reserved for open public space. The state government of NSW declared plans for "Globe Street", a street designed to become Australia's and Asia Pacific's centre for corporate trade (styled on New York's Wall Street district). The urban renewal development is not expected to be completed until 2020. East Darling Harbour will be known as Barangaroo.