Pakenham Business Group president Sue Day said she hoped retailers such as Kmart and Aldi would trade from the site formerly known as the Pakenham Civic Precinct.
Cardinia Shire Council has invited expressions of interest from the public for the sale and development of the site.
“We are very excited about it. The group welcomes anything that builds Pakenham and maintains it as the only place to shop because we want to keep people here," Mrs Day said.
The parcel of land is behind the Pakenham Library and is bordered by Henry Street, John Street and Cook Drive in Pakenham.
This is the third time civil leaders have attempted to secure development plans for the site.
Consolidated Properties in August withdrew its plans for a $40 million retail hub that was to be developed there.
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