NSW Opposition Leader John Robertson has called for the plans to be postponed after revelations that developers have been making illegal donations to the NSW Liberal Party.
But Mr Baird told 1233 ABC Newcastle's Aaron Kearney there will be no delay to the revitalisation.
"This is a once-in-a-generation opportunity, we're not gonna make any apologies for getting on and doing it," he says.
"You will see action in the short term."
The Premier confirmed an assurance from Transport Minister Gladys Berejiklian that the cutting of the city's rail line will be underway before the end of the year.
"A fantastic thing for the city and the broader Hunter Region and we're going to do it," he says.
"This is a unique opportunity to transform Newcastle into one of the sparkling jewels.
"It's something we're determined to do and we make no apologies."
Responding to complaints the city isn't receiving a big enough share of the proceeds from the sale of its port, Mr Baird says the government is "seriously considering" allocating more to this area.
He says he's been a strong advocate for the region and its economic significance as well as its natural beauty.
"It will remain a priority of mine while I am Premier of this State," Mr Baird says.
"I believe in it."
As for the recent announcement by the Member for Newcastle, Tim Owen, that he won't be standing at the next election, the Premier says he's disappointed.
He says Mr Owen has done an outstanding job for the city and has been instrumential in getting its renewal underway.
The MP has publicly stated he feels let down by the Liberal Party over possible banned donations to his election campaign, and Mr Baird says he has sympathy for him.
"I'm disappointed he's not running because I genuinely believe he's been one of the outstanding success stories," he says.
The Premier says he's close to putting foward key measures on electoral funding reform in NSW
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