Queensland Premier Annastacia Palaszczuk has officially handed the Parklands Development project to Gold Coast 2018, allowing the organisation to complete its transformation into the Commonwealth Games Village.
The site at Parklands will house 6,600 athletes and officials throughout the duration of the Games, which will take place from April 4 to 15.
Comprising of 1,170 apartments and 82 townhouses, the Village will now be fitted with equipment and furniture by Gold Coast 2018.
"I am proud that during the construction phase of this development we have seen 6,000 jobs created and supply opportunities for local business; these are real economic benefits and I know this will continue to be a driver for the local economy well after the Closing Ceremony on April 15, 2018," said Palaszczuk.
"Over the coming months Parklands will be transformed through the fit-out of 1,170 apartments and 82 townhouses.
"This precinct will become the heartbeat of the Games, where athletes and team officials will bask in an environment conducive to achieving their very best."
Palaszczuk joined Gold Coast 2018 chairman Peter Beattie and chief executive Mark Peters in unveiling the street sign for one of the main roads in the Village.
The road was named Commonwealth Boulevarde, while a Games Village emblem was also revealed by organisers.
It is claimed the emblem, created by Griffith University design student Janet Turner, represents the city's natural beauty.
It takes inspiration from the central water feature of the Village, which acts as a meeting point.
Gold Coast 2018 will now seek to transform the site into a "Games ready" facility, which will include fitting the apartments and setting up several key temporary buildings in the Village.
"There are more than 300 temporary structures yet to be built on site to house key facilities including the fully equipped gymnasium and the polyclinic which is essentially a small hospital within the Village to service the medical needs of the residents," said Peters.
"There are also a number of retail outlets opening up during Games time with a general store, tourism information centre, hair salon, Optus phone store and several other exciting stores to bump in.
"By the time we see 160,000 pieces of furniture and equipment, with 13,000 chairs and 11,900 tables and 4,000 bean bags moved in, we will start to look like a welcoming home away from home for our friends from around the Commonwealth."
Lendlease, the Australian property and infrastructure company, will assist with the planning, logistics and supervision of the transformation.
The company, previously involved in the Sydney 2000 and London 2012 Olympic Games, were appointed as an overlay delivery partner in August.
Their work will include equipping the gymnasium and dining facilities for the Games, with the latter expected to seat up to 2,300 people at one time.
"We have reinforced at all times that the Games are on time and on budget and the reality is, that is absolutely spot on," said Beattie.
"This amazing development is a great demonstration of our progress.
"Gold Coast 2018 sponsor, Lendlease will be heavily involved in the planning, programming, logistics and supervision to transform the existing facilities to Games-ready status including the fit-out of the fully-equipped gymnasium and dining facilities for the Games Village.
"To give you some indication of the mammoth task ahead, the main dining room will be fitted out to seat up to 2,300 people at any one time with over 20,000 meals served each day and more than 300,000 kilograms of fresh produce used during the Games.
"And at any one time close to 2,000 staff will be on site during Games time to ensure athletes and team officials are fully catered for so they can perform at their very best on the field, track or in the pool."
The Village will open on March 25, with athletes from 70 nations and territories expected to reside there during the Games.
The Villag will be used for housing, retail, businesses, services and community infrastructure after the Games.
It will be aimed at aiding those working, studying and visiting the Gold Coast Health and Knowledge Precinct.