A $1.5 billion "knowledge hub" comprising retail stores, offices and research facilities has been proposed if Sydney University is selected as the site for a new train station for a metro line through the city.

The university is in a high-stakes contest with UrbanGrowth, the state government's property arm, which is pushing for a new station at Waterloo in the city's south instead. Cabinet is expected to consider competing sites for a train station for the metro line within weeks.

While UrbanGrowth has been relatively tight-lipped, Sydney University has released details of its proposal for 100,000 square metres of mixed-use facilities above a train station at Maze Crescent, which runs parallel to City Road.

The plans submitted to the Baird government are based on a $1 billion contribution from the private sector and $340 million from the university. The latter's funding would also go towards road improvements and better links to the Royal Prince Alfred Hospital and other nearby health facilities. If selected, the hub would be operational by 2024, in time for the opening of the station and metro line.