A council spokesman said the facility would provide at least 10 parking spaces for various types of bikes and scooters.
Work on designing the hub was under way, but it was not clear what would be included in the facility.
The council had allocated $200,000 towards the first hub, but its cost was still to be confirmed.
Some amenities being considered for the hub included locking systems, a bike repair station, charging stations, drinking fountains and toilets.
The new hub was part of a larger project which aimed to provide secure bike parking throughout the city.
A 2021 survey found 16% of respondents biked or e-biked within the city, however 43% said they would like to.
Almost a-quarter of all respondents believed secure parking would encourage cycling as a viable travel option.
Construction of the hub was expected to be completed within the 2023-24 financial year.
The council had the option of extending the contract to cover the construction of two further bike hubs in the CBD and Queens Gardens.
The council hoped the project would support environmental sustainability and public wellbeing.
