Significant works are underway at Tatler Arcade on St John Street, with tenants being sought for the building.
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It's a long awaited redevelopment for the site, which has been dormant for years - revitalisation has been in the works, but there have been hurdles, including the postponement of the relocation of bus stops outside.
Anthony Loone, spokesperson for the developers, said the precinct, set to become a retail and hospitality destination, is expected to be open from September 2021.
He said the precinct demonstrated confidence that Northern Tasmania was ready for new business opportunities post COVID-19.
"The project will feature a range of businesses including cafe's, restaurants, wine bars, retail and office space," he said.
"The investors are committed to bringing a touch of Melbourne's laneway culture to Launceston and finding small business tenants that share their vision."
One tenant already confirmed is Launceston cafe Sweetbrew.
Co-owner Archana Brammall said they would be staying at their current George Street location, with the new space an addition to their business.
"We're going to be offering more in the realm of coffee, and creating another part to our journey with our patrons," she said.
"We've been so fortunate that we've been so well received by the community, they've been so good to us and come along with us in our stages of growth, and it's also important for us to keep changing, adapting and moving to continue to keep the community interested and excited, and for us as business people as well.
"It's an exciting opportunity that has come about, [the building] has history behind it in terms of being the old cinema, and we're fortunate to be backed by wonderful developers who believe in our vision and are coming on the journey with us, it's a wonderful partnership."
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The next part of the journey for the developers is finding six more tenants to fill a variety of spaces in the building.
"Our goal is really to bring a bit of vibrancy back to this space, and create an entertainment precinct," Mr Loone said.
"It's something that doesn't really exist in Launceston, but we think is something that will bring people back to the city centre.
"We've got office space, retail space, and two more restaurant spaces ... we hope to add to what we have with businesses that will work together and create a real precinct."
It is estimated the total cost of the development could reach more than $6 million by the time tenancies have been filled, with infrastructure including lift access, public wi-fi and access to natural gas.
Tenancy inquiries can be made to stjsdevelopment@gmail.com.
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