For the second time in five years council has called for expressions of interest over the 8112 square metre site just south of the southern Shoalhaven River crossing on the corner of the Princes Highway and Pleasant Way.

The property, the prominent northern entrance to Nowra, is being offered by Wollongong firm Martin Morris and Jones.

"Council is asking the market to come to us with their ideas on what could be successful, for example in the tourism and hospitality space for the Pleasant Way site," Mr Domm said.

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"We're not looking for an outright sale necessarily, although that is one of the options.

"We're also encouraging potential investment partners to come to us with a proposal that can work for them financially but will importantly also benefit Nowra."

He said it would be interesting to see what proposals are received.

"There's little doubt it's exciting times with so many possibilities," he said.

"We're hoping those who have thrown around ideas in the past will embrace the opportunity, invest in the region and continue the momentum for Nowra."

A Nowra Riverfront Advisory Taskforce has been formed with the aim to speed up development along the Nowra riverfront foreshore and Mr Domm saying the location falls into that precinct.

"Investment in the new bridge, alongside hospital upgrades and the sale of the adjacent caravan park has created a significant window of opportunity for the Nowra riverfront," he said.

"The precinct has huge potential to be an important asset to the region both as public space and an area for new business and investment."

He said there was a "real opportunity for cross government collaboration and investment to drive real change for Nowra".

"It's exciting to think of the possibilities and it's obvious by its location the site at Pleasant Way is part of this precinct and filled with potential," he said.

While Graham Lodge, which is also located on the site, is included in the proposal, he said any plans must include and maintain the historic property.

"Council recognises the importance and heritage significance of the building and have asked those interested in investing what they would like to do with it," Mr Domm said.

"This will be considered as part of the process.

"Of course, any proposal will need to maintain and enhance the heritage building but it would be great if it was used again for a good purpose."

Likewise, the future of the iconic navy Iroquois helicopter, which is also part of the entrance to the town will remain.

"Council voted in the past to protect the helicopter and its immediately surrounding land from development and that decision remains," he said.

"The helicopter will remain where it is and be suitably maintained regardless of any future opportunities.

"We encourage anyone who understands the potential commercial opportunities for the riverfront to have a look at the advertising package and make a submission."

Council last listed the property in August 2016 and in September 2017 was "under negotiation" with Sydney group, Asset Group Solutions, for what was believed to be between $2.5 and $4 million.

The group had plans to redevelop the site with retail, commercial and residential components, including two towers, one six storeys and the other four.

In the end that deal was discontinued by mutual agreement, with a great deal of uncertainty around the site in relation to then planning and road configuration for the third Shoalhaven River crossing.

Current expressions of interest for the site close with MMJ on June 24.