The state government has put vacant transport land on the southern side of Flinders St on the open market.
The site, known as Treasury Square, is located next to the rail corridor and spans the area between Exhibition and Flinders streets, and Wellington Parade South.
The government announced an expression of interest campaign last month to be managed by Colliers International and Ernst & Young in conjunction with VicTrack until Friday, November 8.
Treasurer Tim Pallas said developing the land represented an opportunity to increase office space, new hotels or apartments in the heart of the city.
While located near strategic sites such as the railyard and Federation Square East, a government spokesperson told CBD News that the land was not tied up in any other government plans.
“The announcement is an expression of interest for land on the southern side of Flinders Street next to the rail corridor, spans the area between Exhibition and Flinders streets, and Wellington Parade South only,” a spokesperson said.