The B1 Veloway is a proposal for an an elevated bike "freeway" high above the traffic-choked Melbourne CBD. The route would run in a sweeping arc between Flinders St and Southern Cross stations alongside the railway viaduct above Banana Alley.
The estimated cost for the veloway is A$21 million.
The bold plan would separate cyclists from pedestrians and cars, easing traffic congestion and alowing safer riding between Richmond and Docklands.
It is the brainchild of a consortium of architecture, design and engineering firms that have spent two years refining the proposal. The group, which includes Federation Square designer LAB Architecture, presented the plan to Transport Minister Terry Mulder and Lord Mayor Robert Doyle.
Consortium spokesman Michael Potter said the Veloway could be built as soon as 2014 and would be a vital link for cyclists.
The group hopes the Government will finance the link, possibly in conjunction with Melbourne City Council and private enterprise.
"We believe this proposal will propel Melbourne forward as a leader in providing technically advanced but practical bike infrastructure," Mr Potter said.
Designed to be as "green" as possible, the hi-tech Veloway would be made from lightweight composite plastic. It would have wind deflectors and use solar-powered lighting.
Mr Mulder described the proposal as "exciting".
"The group has clearly consulted widely and we look forward to examining the detail of this proposal," he said.
Cr Doyle said it was an ambitious project that would require the involvement of numerous stakeholders and financial support from the State Government.
RACV spokesman Dave Jones questioned the project's price tag. "It's a significant cost and perhaps the money could be better used to support other facilities around Melbourne to provide safer options for cyclists and motorists," he said.