The City now owns most of the land surrounding Midland Oval following the purchase of eight properties.
However, privately owned homes still remain as anomalies between the City�s acquisitions.
The most recent purchases were the ANZ building at 43 The Crescent for $4.5 million and a private surgery at 2 The Avenue for $1.8 million.
Meanwhile, the Swan City Youth Service on Morrison Road will be moved to a new Youth Services building on Padbury Terrace.
The future of other buildings on the border of the oval are uncertain and the City has indicated demolitions would be �dependent on the finalisation of the planning�.
While the official plan has not yet been released, City chief executive Mike Foley said the council would consider multi-storey development for the area, consistent with existing developments along The Crescent.
The Metropolitan Redevelopment Authority has also released plans indicating Midland Oval was an appropriate area for infill residential development.
Mr Foley said a new events space would be a prominent feature of any new development.
�Once constructed, it is proposed that this space will host a wide range of community events and build on the success of Midlandia and Tropfest,� he said.
�By including an iconic events area, we are able to boost the vibrancy, vitality and amenity in the area.�
Mr Foley said a financial return on the $20 million worth of property was still �some years away� but benefits would show as soon as the area began its transformation.