The Queanbeyan-Palerang Regional Council put forward their plan on Monday to attract public service agencies across the border and transform the regional city's centre.
At the crux of the transformation strategy is to create a buzzing atmosphere through the creation of modern dining outlets, office spaces, retail shops and apartments.
The state member for Monaro John Barilaro as well as federal member Dr Mike Kelly joined council administrator Tim Overall who said the time was right to capitalise on market confidence in Queanbeyan.
He mapped out their plan to develop a number of blocks either side of Crawford street, proposing an improved hospitality precinct to encourage people to "stop and enjoy" the city.
Also revealed as part of this next stage is the identity of the companies who were invited to present an unsolicited bid.
Milin Builders, Turnkey Projects and McNamee Development Division combined to create the group entrusted with the transformation, named Downtown Q.
Mr Overall said Queanbeyan was in need of revitalisation to increase its economic viability and connectivity to modern industries.
"The combination of council projects and private investment proposes the CBD the boost it needs by providing increased foot traffic from both employees and residents," Mr Overall said.
Mr Overall said selling off publicly owned sites will allow the plan to go ahead without state or federal funding, or increasing rates.
"We see this being self-supported through the rationalisation of underutilised assets," he said.
"This is about strategic planning, looking at all of our resources and doing it on a measured basis, which is why council has resolved to do this on a stage by stage basis."
The first hurdle for the decade-long project is for council to exhibit the proposed five-storey administration building.
The QPRC general manager Peter Tegart last month said the community consultation will also include the renewal of the CBD master plan.
"The master plan, originally developed in 2009, is scheduled for renewal and will take on board the aspects of the unsolicited bids, but also look at the open space and the public domain in CBD to stage future improvements in council's financial plan," he said.
A cinema complex and parking developments were also included in the transformation strategy.