Fitzmaurice Street was closed to traffic early on Wednesday morning as a crane lifted the brand new sign into position above the Wollundry Lagoon.

The sign's refurbishment was initiated by the 2WG building's strata members who secured a $4000 heritage grant from Wagga City Council.

"It's very exciting to see it all back up and brand new," Janet Bowen, who spearheaded the idea, said.

"It's an icon of Wagga, everyone remembers it flashing away from when they were young, and a lot of people take photos, ask about it and such, and now it's back to its former glory."

Fellow Wagga local who supported the project, Felicity Harding, said the sign's revival was a six month process that paid off.

"There was so much support from the community and council, Brian and Jan Hay did so much work," she said.

"They took trips to Sydney even, and spent lots of hours in the workshop."

Ms Harding said she the excitement was building ahead of the sign being officially switched back on tomorrow evening.

"I remember it flashing over 30 years ago when I was a child, and it's been there ever since but now, it will light up once more," she said.