The vacant land is on the corner of William and Murray streets.

Gowings has lodged a DA with a projected cost of $15,268,800.

The DA is for a multi-storey commercial and retail building complex. It includes multi-level car parking spaces and, once completed, would be linked with the current Port Central car park.

Mayor Peta Pinson says the development of the site ticks all the boxes.

"This development will reinvigorate that corner block and would beautify the area," she said.

"The DA is a strong demonstration of the confidence the retail sector has with the Gowings organisation’s commitment to the development of the site.

"As well, this is a very positive move and decision for the city. As we grow we need more jobs,” the mayor said.

"Along with the decision of Bunnings to expand its operations in Port Macquarie, Gowings' decision to advance this DA provides an exciting time ahead for our city."

The mayor congratulated Gowings on taking this next important step.

"I am sure that all councillors share in my sentiment that this is great news for Port Macquarie," she added.

Cr Pinson said the size of the development meant the final planning decision was in the hands of the Northern Joint Regional Planning Panel.

"So it won't be a decision of the elected council," she added.

The site has enjoyed a chequered past and was, at one time, slated to become the site of a new cinema complex under the guidance of businessman Murray Phillips.

Its other suggested uses have included a multi-level car parking station.

Port Macquarie-Hastings Council purchased the land in the early 2000s for $3.866 million.

Council has offered the prime piece of commercial real estate to the market on several occasions.

The negotiations with Gowings has been ongoing.

At its May 2018 meeting, council voted to delegate authority to the general manager Craig Swift-McNair to negotiate a deed of extension with Gowing Bros Limted to extend the call option deed to purchase the property by six months.

Council director Melissa Watkins confirmed council is the owner of the land.

“As such the determination of the application must be undertaken by the Northern Joint Regional Planning Panel,” Ms Watkins said.

“Council will continue to work with Gowings Bros Limited on the proposed future development of this land pending outcomes of this assessment process.”

According to plans lodged with the DA, the site is 2400 square metres with almost 68 metres fronting William Street and over 35 metres on Murray Street.

The plans include multi levels of car parking spaces. It is linked to the existing Port Central car park, which is also owned by Gowings.

Part of the DA includes some demolition works.

The plans show a basement level 2 covering 1871 square metres with 52 car spaces while level 1 is over 1841 square metres with 51 car spaces.

At ground level, there are 27 car spaces covering almost 100 square metres. This level includes two separate retail spaces - one at 115 square metres while the second area covers 830 square metres. 

Level 1 would see commercial space covering 1037 square metres and 30 car spaces, while level 2 features 30 car spaces.

Level 3 includes a 663 square metre space for service area along with 39 car spaces covering some 1571 square metres.

The roof top features solar panels.

In total there are 229 car parking spaces.