A search is already underway for a consortium that will be responsible for the project's delivery, with Expressions of Interest now being accepted to secure a company for its construction, design, maintenance and finance.
The redevelopment is set to add two operating theatres, 120 beds, 13 beds in the emergency department, oncology facilities and designated space to host additional services in the area of mental health. Access will also be enhanced by the provision of a new entrance and a consolidation of the many services from throughout the campus.
The new extensions will also feature new paediatric, maternity and obstetrics wards, as well as a special-care nursery and women's clinic.
The $562 million project will provide many benefits to the local area, according to Paul Edbrooke, Member for Frankston, who added:
"This major expansion will create hundreds of jobs for the people of Frankston - giving local families more employment opportunities and world-class healthcare, closer to home.”
Major projects such as this can also help boost demand for other local businesses, such as retailers, restaurants and printing services.
The preliminary stages of site works were completed in July. Meanwhile, it is expected that the new tower will be constructed by the end of 2024.