The initial component of Stage 1 of the Melbourne Park Redevelopment has been announced which is worth $20 million. The entire project is valued at $363 million. Bovis Lend Lease has been appointed as the managing contractor for the $20 million works package at Melbourne Park.

The upgrades involves the installation of a 4.5 mega-litre stormwater retention tank under the oval next to Rod Laver Arena; an extension and landscaping works to the Rod Laver Arena Western Concourse along Batman Avenue to house water treatment and water storage facilities, and the Australian Open marquees; a landscape upgrade to the Oval; new entry stairs to Rod Laver Arena and upgrades to the taxi rank on Olympic Boulevard. Work on the water tank is expected to start in late April 2010.

This package is planned to be ready before 2011 Australian Open.

The renovation at the stadium is expected to take five years to complete and it includes a facelift for Margaret Court Arena, installation of a retractable roof and an extra 1500 seats, and a new Eastern Plaza that will house 21 new courts. Out of the 21 new courts, eight will be indoor and 13 outdoor. The existing Hisense and Vodafone arenas will also be renovated.