Environmental features include solar panels, water-saving measures and ‘on demand’ natural light within the halls.
The expansion is billed as a response to a global demand for large-scale exhibition and convention space requirements and business events.
MCEC’s chief executive Leigh Harry said: "This will position MCEC at the top of Australia’s list with almost 50% more exhibition space than any other Australian venue. Many large-scale events with significant exhibition requirements will now be able to consider Melbourne as their destination."
Development will begin in 2012 for completion in 2014.