The run-down Brisbane Transit Centre on Roma Street will be demolished to make way for Cross River Rail’s new underground station and a new live entertainment venue.

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.

The proposed Brisbane Live development.

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.