Wodonga Council has begun the process to sell the land known as CBD West.
The council passed a resolution in August identifying Criterion Property Group as the preferred purchaser of the land off bordered by Elgin Boulevard, Stanley St and Smythe St.
Chief Executive Officer Mark Dixon said this was a significant piece of the puzzle for the city centre.
"The sale and development of the land parcels making up CBD West is recognised within the current Council Plan as an important component of the continued development and revitalisation of the Wodonga central business area and could provide ongoing impetus to the activation of the immediate precinct and confidence within the city," he said.
"Over an extended timeframe, a number of approaches and offers have been received for the sale and development of the two land parcels at CBD West, being 41 – 43 Elgin Boulevard and 26 Stanley St, with none of these being realised.
"This year, and particularly following the completion of the four-year project to revitalise the city centre, the council saw an increase in investor interest, demonstrated by multiple viable offers to purchase the CBD West parcels."
Criterion's offer is to buy the whole site at a price of $3.55 million.
Following the signing of a heads of agreement, the council will now commence the process under section 189 and 223 of the Local Government Act 1989 to undertake the sale of the land.
Information and the ways in which to make a submission can be found on the council's website via makewodongayours.com.au