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Architecture practice Jasmax, infrastructure firm AECOM and Isaac Construction Ltd, all from Christchurch, have been granted the contract.
Dunedin City Council group manager transport Jeanine Benson said the scope of the work would be from Albany St to the north side of Moray Pl.
It would not go into the Octagon.
The three firms granted the contract make up what is called the "O3 Collective".
"The O3 Collective are continuing with stakeholder consultation which formally commenced early in 2019, and are working through the preliminary design and inground investigations," Ms Benson said.
The construction work in the area — home to a number of retail and hospitality businesses — was expected to begin early 2021, and would take about 24 months to complete.
She said the trial closure of the Octagon was a completely separate project to the George St redevelopment.