Dozens of businesses have expressed interest in putting forward plans to transform the North Rail Yards.
Council opened the search for a project partner last month and it has already generated huge interest.
Mayor Jenny Hill said transforming the Ross Creek through the Waterfront Priority Development Area (PDA) was an important aspect of the Townsville 2020 Masterplan.
"Townsville 2020 provides a clear vision for our city and it is giving confidence to businesses to invest in our city and create jobs," Cr Hill said.
"Sites like the North Rail Yards present a huge opportunity in the PDA and we've already attracted a lot of interest since we opened up the search for a project partner last month.
"Dozens of companies have expressed an interest in putting forward their plans for the site."
Planning and Development Committee Chair Cr Les Walker said the North Rail Yards presented an exciting opportunity for urban renewal.
"The potential of this site is incredible and we want to see the most imaginative and innovative proposals possible," Cr Walker said.
"Importantly, the North Rail Yards will work with other major developments in the PDA such as the North Queensland Stadium and the new high-end hotel from DoubleTree by Hilton."
Local Councillor Colleen Doyle said revitalising the North Rail Yards would be a huge win for residents.
"We want people and businesses to show us what is possible on the site so we can get the best outcome for the community," Cr Doyle said.
"I'm sure everyone wants the North Rail Yards to become a destination in its own right – helping to build and develop the PDA."
