The Northern Regional Planning Panel on Wednesday, April 3 approved the development application for a multi-storey commercial and retail building on the corner of William and Murray streets.

The Gowing Bros development features two levels of basement parking, two levels of commercial and retail space with parking and then a rooftop level of additional parking.

There will be 238 parking spaces on site with 12 parking spaces lost within the Port Central car park to enable integration with the Port Central complex.

The building will have an articulated, active, glass frontage to William Street and also partially to Murray Street as it wraps around the corner.

Parking areas will either be screened from the street or stepped in.

The documentation lists a capital investment value of almost $15.3 million.

Northern Regional Planning Panel chairman Garry West said the site had been a hole in the ground for a long time.

He told the meeting that the proposal allowed for additional parking and CBD parking was in high demand in major regional centres.

"We obviously have a proposal in front of us that achieves the aesthetics in the area, achieves the parking requirements and is respectful to the St Thomas' Church site opposite," Mr West said.

Port Macquarie-Hastings Council, which bought the land on the corner of William and Murray streets for $3.866 million in late 2005, has tested the market for the land several times over the years.

Negotiations with Gowing Bros opened up fresh possibility for the site's future.

The report said under the option to purchase the land from the council, the developer was required to provide an additional 150 parking spaces above what was required by the development.

Some 67 parking spaces are required by the development.

Part of the council's original purchase of the site used contribution money collected under the council's Car Parking Contribution Plan to provide for CBD parking options, the report said.

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