Heritage works have been completed, and the main construction work is scheduled to take place during the final quarter of this year.

Upon opening it will be the largest hotel in Wagga, boasting 148 rooms as well as its own Heritage Bar, restaurant, and function centre.

The bars and restaurants are expected to be completed earlier than the hotel itself, with the owners looking to open their doors in time for the 2021 Christmas and New Year break.

The developer is currently in talks with the government over coronavirus assistance packages which, if granted, could bring forward the commencement date even earlier.

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The Mill will also feature an adjoining Interlink Centre, a "boutique health asset" that will offer a mix of specialist and allied health services.

Interlink Group project manager James Maher said the centre had already received a "high amount of interest" from Wagga medical providers who were keen to open up in the centre.

Mr Maher said at this stage the centre was "likely" to include a dedicated orthopaedic and sports medicine centre, as well as a number of other specialists.

"Specialists have been particularly interested in being able to purchase their own suites or lease them, as well as the benefits that having a new hotel co-located on-site provides to their travelling colleagues and patients - it's a unique synergy," Mr Maher said.

"We are working with Murrumbidgee Local District Health and other relevant health agencies to ensure the services provided at The Interlink Centre deliver what's needed for the local community. It'll be a complimentary adjunct to Wagga's longer-term vision: the Health and Knowledge Precinct".

The Holiday Inn will be located inside the Murrumbidgee Flour Mill and Grainstore building, which has sat abandoned and unused for years.