On Friday, he announced a $50 million plan to build two residential towers on the banks of the Tamar River.

The Lindsay Street development would see 22 apartments built in each tower. The towers will have three bedrooms, and three bathrooms.

Soaring 40-metres above ground, the tower's top levels will be penthouses.

Mr Stewart said the Kings Wharf Towers development would surpass his other developments such as Seaport, the Silo Hotel and C. H. Smith.

"If we add all of those three developments up it's about $100m we've returned to the city," he said. "We think we've done a pretty good job."

Mr Stewart said the tower proposal was bold, exciting, but most importantly doable.

The 13-storey high towers will face the Tamar River.

The southern tower will be built first, and will be located 80 metres from the Silo Hotel, with the second tower to be 80 metres north of the first.

"The reason we're selecting 80 metres is because it is the maximum distance we can get them apart to prevent any shadowing of [the hotel] and the two buildings we're going to build," Mr Stewart said.

"In between the two towers will be a facilities centre, with an indoor swimming pool with a gymnasium and a number of other facilities for the people that live in this development."

A high-end grocery store is also proposed to be built at the rear of the Bunnings building.

"If you live in this complex you will be able to walk to a grocery store, to a Bunnings, to Officeworks and JB HI-FI and buy just about anything in town in just a 50-metre walk. We think that has some significant benefits," he said.

Planning for the development is hoped to be complete by the end of the year, with aims to have the tower crane up on January 1, 2020.

"I have to sell it to the villages and convince people from Launceston and other places that it's a good place to live and that the towers is a good spot to understand unit living," Mr Stewart said.

"It has been very well embraced in other capital cities in Australia and across the world, but not yet in Launceston."

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The next step for the proposal is to seek a land use amendment, with discussions already taking place with the City of Launceston council general manager Michael Stretton.

"We're about to knock on the door of the planning commissioner in Hobart and that will start almost immediately," Mr Stewart said.

He said community support for the project was very important to him, and was convinced the project would be supported.

Looking from Trevallyn, the towers would not look as big as the Silo Hotel because of the way they're designed, Mr Stewart said.

"I don't think heights will be an issue, I think the more concerning thing is flood."

The flood levees already in place would suffice, Mr Stewart said. The towers' garages will be built at a one in 100 year flood level.

"That doesn't mean that we might not get some water in the garage level, but that hasn't happened since 1929, so we're nearly 100 years in since we seen that volume of water," he said.

JMC would complete the build. Mr Stewart said discussions were underway with businesses that might come to the area.

"We're also in discussions with another major retailer, for him to bring his store to town, which would include another 25 people and 2500 square metre store behind Bunnings," he said.

"It is a big retailer that is not in town, and not dissimilar to Harvey Norman, but a big retailer."

A traffic plan was another important step, Mr Stewart said, with the Charles Street bridge the key issue. He said this development would add to the issues, but said it would also put pressure on those addressing the issue to act quicker.

"I think the council are all over that, and I think the state government are all over that," he said.

The plan to rebuild Kings Wharf was also pushed by Mr Stewart, saying he hopes the state government would provide financial assistance.

Treasurer Peter Gutwein said the proposal hadn't been put to him, but would be willing to work with Mr Stewart.

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