Civic Place has been rebranded as Parramatta Square.
During the State of the City Address, at the Sebel Parramatta today, Parramatta Lord Mayor Lorraine Wearne said the name change would help the council to develop the area.
"We've done a lot of consultation and that is the most preferred name," Cr Wearne said.
"That name is better, because it allows a lot more diversity of what can be built in there."
The $1.6 billion Civic Place deal between Grocon and Parramatta Council collapsed in March this year.
But Cr Wearne said at the time the end of the deal did not mean that the block, located at the centre of the Parramatta CBD, would no longer be developed.
She said the area would be separated into smaller segments and then have more chance of being developed.
Cr Wearne today announced Grimshaw and Architectus as the winners of the Parramatta Square Design Excellence Competitions.
These firms will now be engaged by the council to produce development applications for the construction of Parramatta Square’s first two innovative buildings.
“I believe that what we are launching today illustrates the vision of where we want to take Parramatta into the future. This is a vision we share with the community,” Cr Wearne said.
“Parramatta Square represents a desirable and lucrative place to invest and do business. It emphasises Parramatta’s role in meeting the business, cultural, entertainment and tourism needs of the fastest growing region in the country.”
Parramatta Square will provide generous public space, such as a piazza, along with corporate centres, retail and dining options, new council facilities and strong connections to the Parramatta transport interchange.
It is set across three hectares of council-owned space, formerly known as Civic Place, in the heart of the Parramatta CBD.
Upon completion, it is expected to provide accommodation for 13,000 workers.
Grimshaw Architects won a tender to design a development on the corner of Darcy and Church Streets.
They will build a 65-storey tower, which will be one of the tallest residential buildings in the state.
The tower will feature landscaped gardens on every sixth floor and it will be an environmentally friendly building with lots of natural light and easy air flow.
Architectus won a design competition for a 27,000 square metre commercial office building at the Macquarie House end of Parramatta Square.
The building will also feature green design.
The project will now be commissioned by the council to get development approval.
"That takes away the uncertainty for developers of having to wait six to eight months for planning approval," Cr Wearne said.
"That development application gives us the certainty that you will be able to build on those two sites."