Brisbane is set to receive a multi-million dollar waterfront development along its river, featuring five hotels, 50 restaurants and a casino after Echo Entertainment beat a proposal from James Packer’s Crown Resorts.

The proposal from Echo, which operates the Treasury Casino in Brisbane, includes an iconic arc-shaped building with a ballroom, publicly accessible sky deck, and a moonlight cinema.

The development at the Queen's Wharf precinct will also deliver three residential towers and a pedestrian bridge to South Bank.

Ms Palaszczuk said the Echo proposal won out because of the public space it would create. (9NEWS)

"This will change Brisbane's CBD," Premier Annastacia Palaszczuk said yesterday.

"But the construction means thousands of jobs - some 3,000 jobs during construction, and 8,000 ongoing jobs."

Ms Palaszczuk said the Echo proposal stood out due to the large amount of public space it would create.

The proposal will create around 8,000 ongoing jobs during its construction. (9NEWS)

"The consortium was able to demonstrate to government that they are ready to proceed," she said.

"We needed to have that financial security, but also we want to minimise any risk."

The rival proposal from Mr Packer's Crown Resorts would have included three hotels, a rooftop the size of The Gabba and public gardens complete with infinity pools.

The construction phase, due to begin from 2017 and last until 2022, would provide greater certainty for the state, minister for state development Anthony Lynham said.

The construction phase is due to last from 2017-2022. (9NEWS)

"This project will be transformational for Brisbane," he said.

"It'll do what South Bank did for Brisbane 30 years ago."

The casino, which the premier says will transform Brisbane into a premium tourism destination, will be built on prime riverfront land between George Street and the Riverside Expressway.