Roma Street bus and train stations will remain open and accessible during the five-year construction period, set to begin in 2020, according to Deputy Premier and Treasurer Jackie Trad.

Ms Trad said the $5.4 billion Cross River Rail project would transform the western gateway into the heart of the River City and allow for the construction of the proposed Brisbane Live development.

"The Brisbane Transit Centre is well past its prime, but by 2025 this end of the city will be totally transformed," she said.

“When complete the new station is expected to be used by more than 230,000 commuters every week, the equivalent of over four capacity crowds at Suncorp Stadium.

“Early works will start in 2019, with the Brisbane Transit Centre and Hotel Jen to be demolished in late 2020.

“Planning for Brisbane Live is well under way with representatives from AEG Worldwide visiting Brisbane from their Los Angeles base this week to meet with the local power brokers pulling the Brisbane Live business case together.

“Leading consultancy firm Deloitte has also recently been appointed to the project along with one of the world’s leading sport and architecture firms, Populous."

Ms Trad added that the development was based on a similar precinct in the United States and the $700 million investment in Cross River Rail as part of the state budget was key.

“With an 18,000 seat world-class arena as its centrepiece, the Roma Street precinct, just like the LA Live complex, will become Queensland’s premier entertainment venue hosting major live concerts and world-class sporting events right in heart of the city," she said.

“Without Cross River Rail, this type of urban renewal simply wouldn’t be possible, which is why the Palaszczuk government has stepped up to fund this transformational piece of infrastructure.

“This is a project that will transform the south-east by creating a turn-up-and-go transport system for the whole of south-east Queensland – taking thousands of cars off our roads and getting people home and to work faster."

LNP deputy leader Tim Mander said he supported the project but was disappointed by the delay in getting construction underway.

"Labor has been talking about this project for over two years and nothing has materialised," he said.

"The LNP promised to streamline this project, but it hasn’t got off the ground under Labor.

"It's no wonder private-sector investment in Queensland has fallen off a cliff – by $76 billion since Annastacia Palaszczuk became Premier.

"Further delays hurt business confidence and costs jobs."