Having been vacant for more than 20 years the building has been the topic of a longstanding public debate, being described as a "blight" on the city’s landscape.

Mr Stewart, the man behind the Seaport and the multi million-dollar Silo Hotel project in Launceston, said it was all about economics.

"The site is significant in size, you need to do something with it that's fairly major and will have a good return, so it's a case of finding really good tenants," he said.

“It's got a lot of potential, but the issue is somebody owns it and until that corporate entity sees the right opportunity or thinks it is the right time, it could sit there for another five years."

Mr Stewart said Launceston was a “welcoming city” for potential developers.

“I think everybody will bend over backwards to get something to come to fruition (at the site),” he said.

The Launceston City Council have approved multiple development applications for the site, the latest in June 2015 for the current owners Brile.

The property group had its original DA knocked back by the Tasmanian Heritage Council in 2014, when it sought to demolish the old cordial factory.

The latest plan would see a $16 million development, including restaurants, a cafe, retail, a childcare centre and parking.

Brile financial controller Peter Velt told the Examiner this week the company was “still progressing” with its approved plans for the site.

“There are a lot of factors slowing it down, some that are out of our control,” Mr Velt said.

“We are moving forward as quickly as possible.”

In Tasmania, development application permits generally expire after a two year period, however an extension may be granted for up to four years.

The Tasmanian Heritage Council were contacted for comment.