The Art Deco building, located at 217B Invermay Road, is leased by the St Vincent de Paul Society, but it first opened as a cinema in 1937.

Developers Andrew Quaile, Ben Davis and Paul Lee-Archer purchased the site in March 2015.

Speaking at the council meeting, Mr Davis said he believed the Star Theatre will add vibrancy to the city.

“The Star Theatre was once an iconic destination right here in the heart of Launceston ... our goal is to return this wonderful art deco heritage listed building back to its glory,” he said.

“We have done everything in our power to make sure everyone is aware of our development [and] … we have done everything possible to mitigate against negative impacts.”

Festival Director of the Tasmanian Breath of Fresh Air Film Festival (BOFA), Owen Tilbury also spoke in support of the redevelopment.

He said the festival was keen to partner with the Star Theatre, which will have the capacity for DCP, or Digital Cinema Package, projection.

He said a lack of smaller facilities with DCP projection capability meant some distributors were unwilling to release their films for the festival.

“Our festival really is limited in its capacity to grow by the lack of DCP projection,” he said.

“Launceston's always been a magical regional centre and well blessed by cultural facilities like the QVMAG and the Princess Theatre and hopefully soon the Star Theatre.”

Mr Tilbury said there is a pent up demand for film with more than 200 people on the waiting list for membership to the Launceston Film Society.

The redevelopment will also feature a cafe, bar and microbrewery.