The plans of the CH Smith site developers have gathered praise from industry bodies across the state.
Businessman Errol Stewart and architect Scott Curran released their vision for the site publicly on Monday, which includes a cafe, office buildings and a 300 space council-owned car park.
Launceston Chamber of Commerce executive officer Jan Davis said it was a welcome development for what is a gateway site for Launceston.
“The proponents of this exciting plan are local businessmen who have a reputation for delivering quality projects,” she said.
“The plans revealed today show that this will be a project fitting for this iconic site and one which will bring benefits to everyone in the region.
“The Chamber welcomes their vision and their willingness to take on what has been a problematic site.”
Chair of the Tasmanian Heritage Council Brett Torossi said the proposal will be considered next month.
“I have been corresponding with Mr Stewart, and we have discussed the broad plans for the site,” she said.
“Mr Stewart is scheduled to present the details of the proposal to the Heritage Council at its December 2016 meeting.”
Ms Torossi said early consultation before lodgement of a development application was always appreciated.
“It allows us to provide advice and guidance as developers are working through their early plans,” she said.
“Our historic heritage will only survive if it continues to be used. We are pleased that Mr Stewart is exploring how best to balance protecting as much historic fabric as possible while ensuring the continued use of the site, and breathing life into the stories embedded in the historic fabric.”
Tasmanian executive director of the Property Council of Australia Brian Wightman said for far too long the CH Smith site had been describe, at best, as an eyesore.
“The reactivation of the site will provide a much needed boost to the local economy, creating jobs in the construction phase and further opportunities once completed,” he said.
“It is imperative that Heritage Tasmania and the Tasmanian Heritage Council work pragmatically with the investors to ensure that a positive result is delivered for the northern region.
“The Property Council remains hopeful that the additional 300 car parking spaces are part of a broader traffic management and accessibility plan for the City of Launceston.”
The developers hope to have a development application lodged by Friday, and would like to see it approved in January. Mr Stewart said the project should be complete by late 2018.