This chapter evaluates Barangaroo in Sydney, a government-facilitated, private sector-led mixed-use megaproject aimed at expanding the city’s constrained commercial core. The state government, as the landowner and approval authority, transferred risk and responsibility to developers under a ‘no-cost’ to government position and a philosophy that the market knows best. This MMP is characterized by a unique, flexible planning arrangement that permitted several significant changes to the original plan, resulting in limited public benefits aside from development revenue for the government and the creation of new waterfront open space. The developer was required to remediate the polluted site, and a development levy funds the public domain and public art programme within the MMP. However, there are no value capture mechanisms in place to contribute to infrastructural benefits beyond the site itself, or for the metro station within the site, which was committed to after most construction agreements had been signed.