Tenders for work will be called in January following the approval and include the construction of restaurants, bars, cafes, a cellar door, whisky distillery and more.

The council also passed a motion for additional car parking spaces at the site before discussion on the motion, addressing concerns from two representations from other businesses.

During his representation to the council JAC Group founder Josef Chromy said his vision was to bring additional commerce to Launceston with the project.

"I was two years back in Hobart looking at the MONA museum and everyone saying, 'we have to go to Hobart, we have to see the museum'," Mr Chromy said.

"Then I'm thinking what to do in Launceston, my wish was that something, if possible, is created here."

JAC Group managing director Dean Cocker said the development would be "an adventure precinct on steroids".

"Obviously we're very happy that the council has approved the development," Mr Cocker said.

"The bulk of the work has been approved . . . we would expect to put it out to tender in January next year and commence construction a month or two after that.

"We'll be aiming to open in October or November, but with construction time frames you never really know — Joe's birthday is on December 18, 2015, so we definitely want it up and trading by then."

Launceston Mayor Albert van Zetten said the project was an important advance for Launceston.

"It will bring more people to our city and will be absolutely great for tourism," he said.