Up to 190 apartments plus retail, dining and a cinema are planned for the site, located on the corner of Rutledge and Crawford Streets.

Two heritage buildings, Duttons Cottage and the former Queanbeyan Fire Station, will be retained and incorporated into the design.

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Village Building CEO Vince Whiteside said the exact use of the buildings will be explored when designs get underway in 2022.

"They could potentially be a nice spot for a restaurant or a cafe, and there may be some ability to open them up at the back to increase the functionality but that's something that we'll explore as part of the DA process," he said.

Mr Whiteside said there is also potential to activate a laneway that runs through the site.

"I'm keen to utilise that laneway to create an active, entertainment precinct, [through a] combination of the cinemas and restaurants and cafes," he said.

Spanning more than 5000 square metres, the CBD sites include an amalgamation of 10-12 Rutledge Street and 257 Crawford Street, plus 6 Rutledge Street.

Mr Whiteside said it was a "landmark purchase" for the company that will provide more diverse housing options for home buyers in the region.

"It will bring accommodation choice to the city centre and help revitalise the CBD," he said.

The Village Building Co. would not disclose the purchase price, however buyer feedback in October was reported to be around $5 million.

The developer intends to work alongside the Queanbeyan Palerang Regional Council to deliver the project, which will be located next to the $74 million Queanbeyan Civic and Cultural Precinct.

Queanbeyan Palerang Regional Council CEO Peter Tegart welcomed the developer's purchase.

"We look forward to seeing Village's development take shape in the coming years," he said in a statement.

Mr Tegart said concepts for the precinct will be open to community feedback, however the development approval would be determined by an independent regional planning panel.

Following relevant approvals, work on the site would not start until the council move into their new offices within the new civic precinct. Mr Whiteside said that could be some 18 months away.

"So we've got plenty of time to fully explore the options around the design and development of the site," he said.

"But whatever we do, it'll be sympathetic to the council office development in the adjacent area."

The Village Building Co. is also developing South Jerrabomberra, a nearby suburb that is expected to comprise around 1500 households once complete.

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