Far be it from me to rain on the ACT Light Rail development plans but our über-lords, ACTPLA, has released the plans for the redevelopment of the east Kingston area. Item f in the image is the proposed transit corridor (no mention of light rail) which may incorporate a new train station.
This 30 year plan will see 5,000 new apartments, 9,000 new people moving in to the area and 16,000m2 of retail space. Most of the Fyshwick warehouse area would be redeveloped as residential, retaining the markets as a central focal point.