The proposed “Riverside” complex will feature two ground-floor offices, secure parking and about 60 apartments in the 10-storey block on Sturt Street.

Greg Howick from Fitzpatricks Real Estate said “local interests” were behind the estimated $25 million investment in the city.

“This is a huge sign of confidence and a big undertaking,” Mr Howick said.

“Nine months of planning, a big project, but we’ve already had people calling us asking to be told when things are happening.”

The site, which had been vacant for more than a decade, had development approval in 2006 but the global financial crisis saw the project shelved as banks tightened lending and steel prices soared. In 2016, council rezoned the land and it went on the market before Christmas, finally selling for “a healthy sum” last May.

According to Mr Howick, the developers planned to target downsizing baby boomers and young professionals.

“The mixture of three, two and one-bedroom apartments, all with balconies, will meet the requirements of a wide range of purchasers, with lift and security tower access design and secure parking,” he said.

“As with similar developments in the capital cities, the apartments will have the benefits of easy walking distance to work, restaurants, supermarkets, coffee shops, the cinema and gymnasiums.”

In the original plans, residential units were earmarked to cost from $675,000 up to $1.5 million for a penthouse. 

The project is a largely Wagga-based affair, with Salvestro Planning and GPG Architects providing their expertise to the developers. Sydney-based management firm Newton Fisher & Associates will bring their extensive apartment development experience to the project.

Mr Howick said construction was expected to cost close to $18 million and would commence towards the end of the year if the application was given council approval.