The former Criterion Hotel site in Warrnambool's Kepler Street could soon be home to a four-storey inner city development with 40 apartments, shops and offices.
Almost a decade after fire destroyed the historic pub, a consortium of local buyers has unveiled its vision for the site.
Criterion Vision spokesman Bill Welsh the site would include an underground car park, shops and office space at ground level and three levels of apartments above.
Mr Welsh said there would be a mix of one and two-bedroom apartments which could either be for residential living or holiday rentals.
"It depends on the appetite, whether people would be interested to purchase those and live in them or whether people purchase them and use it for short stays," he said.
"There could be a few different options for it."
Mr Welsh said they were still debating the plans which could change and may even increase in size, depending on the appetite for it.
The consortium had been working on proposals and strategies for the site before its purchase went through last month, and while there had been a lot of preliminary discussions they haven't got to the permit stage yet, he said.
Mr Welsh said they had already had discussions about the development with the council which was keen to get more people into inner-city Warrnambool to make it more vibrant.
He said they were hopeful construction could start within 12 months and be completed within two years.
"All that could change," he said. "That's where we're heading at the moment. It is exciting. It is a big project.
Mr Welsh said they had already had some interest from prospective tenants.
He said the site had been "a bit of an eyesore" and contractors had been booked in to tidy it up in the next few weeks.
The historic pub had been sitting vacant when it was destroyed by fire in February 2010 and had to be demolished.
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