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Victoria's government never seems to miss a chance to spruik the potential of Fishermans Bend, a vast expanse of mostly industrial land next to Melbourne's CBD. "Australia's largest urban renewal project" is the description used again and again. It is 485 hectares that the government promises will be transformed to play "a key role in the further evolution of central Melbourne". But many of those waiting for that evolution don't see many signs that it's happening. "I can't think of any other precinct anywhere in the world that is two kilometres from the CBD of any major town that is as underdeveloped and under-resourced in terms of amenities as Fishermans Bend is," Guy Naselli, president of the Fishermans Bend Business Forum, said. Since 2016 when Victoria's Labor government released its vision for Fishermans Bend, the forum's 2,000 members — businesses, tenants, and developers — have been waiting for a proposed tram link to be built. It still hasn't arrived. "The reality is that there's nothing here yet and a lot of businesses are asking if it's not happening, when is it happening?" Mr Naselli said. The state government doesn't have a definitive answer. In late September it released the Fishermans Bend Integrated Transit Plan. It puts a tram link anywhere from 10 to 30 years away, depending on how long development phases last. At a public meeting hosted by the business forum last month, attendees such as businessman Malcolm Kennedy weren't encouraged after a redevelopment update from local councillors and the state MP Nina Taylor. "It's a great disappointment that the state government has prioritised the use of a tram for this area with such a low priority," he said. For now the state plans to rely on more buses. Critics say the lack of certainty over transport is holding the development back. Big promises Fishermans Bend is a relic of Victoria's manufacturing and industrial past. From airplanes to car engines at General Motors, they were made in factories on Melbourne's doorstep. When it launched the Fishermans Bend Framework in 2018, the state government promised "five interconnected precincts will become home to 80,000 people and 80,000 jobs" by 2050. The state says so far 4,700 dwellings have been built or are under construction, and space has been built for 10,000 new jobs in addition to 30,000 already in the precinct. But the University of Melbourne delivered a blow to the redevelopment in September, when it put its plans for Fishermans Bend on hold. A new engineering and design campus was meant to be hosting 10,000 students and staff by 2031. The university will reassess its plans in its next 10-year strategy, which won't even be released until the end of the decade. It said the decision "will allow it to better align with the timing of key government and industry investments necessary to develop the Fishermans Bend precinct". Victoria's government points to its investments in what it calls the "Innovation Precinct" as an indication of progress. $197 million is being spent on infrastructure such as new sewerage and roads. But a report from Victoria's Auditor-General found of 18 precinct building projects meant to be finished by 2025, only four had been completed. RMIT planning professor Michael Buxton says the works that are happening are far from what was promised. Professor Buxton has been watching planning at the precinct for two decades. During that time he says other projects like Melbourne's new Metro Tunnel and the Suburban Rail Loop have leapfrogged Fishermans Bend. "This government was diverted onto other projects which should have had a much lower priority than this. So it lost that ability to prioritise what was critical for Melbourne," he said. In response to questions from 7.30, in a statement a Victorian government spokesperson pointed the finger at planning errors by the previous Liberal government, more than a decade ago. "We're fixing the Liberals' mistakes ... and we're getting on with building the critical infrastructure the area needs to support housing," the spokesperson said. The statement didn't respond to questions about the priority placed on the Suburban Rail Loop. 'Sad to see it like this' Despite the setbacks there are some that believe Fishermans Bend can still thrive and the state's development targets can still be met. "I think it's possible," said Lousie Crawford, Mayor of the City of Port Phillip, which covers about half of Fishermans Bend. "But I think some of the public transport will be key to making that happen. I think there needs to be certainty but there is an eagerness to make this work." Mayor Crawford believes at least some of the delays in the precinct are understandable. "I think it's a big, complicated project, the largest urban renewal in the country," she said. Carol and Romeo Madi aren't staying to see how it all turns out. For 27 years they've run the Portside Deli in the heart of Fishermans Bend. They remember when GM workers were lined up out the door. But since the car maker closed in 2016, little has changed. "They haven't done much in this area at all. Nothing. The amount of time that we've been here, not much has been done at all," Ms Madi said. They've sold their business and they aren't optimistic the state government's long-promised changes will happen soon. Ms Madi blames the Victorian premier. "Jacinta Allan, she's forcing all her effort and might into this Suburban Rail Loop. Why? "There are other places that need more work, more money put into it." Her husband agrees. "The government's very lucky we got this area. We should not neglect it. "Talk but no action from the government. Sad. This area, sad to see it like this." 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