The old Mountain Maid cannery site at Batlow could be redeveloped under a new plan by Snowy Valleys Council.
The council is calling for quotes from professional consultants to develop a formal plan and business case for the site, which has been left largely unused since canning production stopped in the early 2000s.
The council's acting director Phil Stone said the revitalisation of the site "provided the potential for economic growth in Batlow".
"The development of a plan and business case will help council in determining the most effective way to redevelop the site moving forward," he said.
Mr Stone said the council was hoping the redevelopment plan would lead to improvements in the look of the site, as well as providing new amenities for Batlow.
"We are seeking quotes from specialised service consultants for the development and delivery of a strategic plan that includes concept plans, commercial modelling and consumer and market demand analysis as well as consideration of the historical significance of the site to the Batlow community," he said.
Late in 2018, the council asked for expressions of interest in developing the site and these will be considered as part of the overall plan and business case that is to be developed, Mr Stone said.
Ray Billing from the Batlow Development League said the town's business owners and residents were backing council's plans to revitalise the old cannery site.
Mr Billing said there had already been some interest in redeveloping the two-and-half-hectare site.
He said a, already-approved zoning change would allow more options on how it was revamped.
"It does allow for a variety of ideas," Mr Billing said.
"We really want to see the area tidied up and re-purposed," he said.
Snowy Valleys Council purchased the now largely-dilapidated site in September 2018.
Mr Billing said the community was keen not only to see the old site cleaned up, but also to have the potential for tourism in Batlow expanded as well.
Council's request for quotes closes on Wednesday, November 13.