The NSW government is searching for an "experienced" operator to lease the historic former Newcastle railway station for up to 99 years.
Planning Minister Paul Scully announced in Newcastle on Tuesday that Hunter and Central Coast Development Corporation had opened expressions of interest in the complex of buildings known as The Station.
The previous government partially restored the station buildings and flagged that they could become a hotel, bar or restaurant in line with the site's tourism zoning.
Former Hunter Development Corporation chief Michael Cassel called for expressions of interest in 2017 to lease the venue on an 18-month trial, but the site has not progressed beyond temporary uses since then.
"We do need to look at a longer-term lease arrangement for someone to be able to get the capital investment and the recovery of that investment to make sure it's as good as it can be," Mr Scully said.
"We've got some opportunities on the second and third floor of this, but it needs some work."
He would not be drawn on what the station could be used for, but Mr Cassel said six years ago that it should operate 16 hours a day to bring life to the East End at night.
Mr Scully said a new operator could not knock down any parts of the station, which dates back to 1878 and is listed on the State Heritage Register.
"The historical significance of this site makes it the perfect place for a community-centred project," he said.
"Newcastle's East End and waterfront is ripe with potential, and we are looking for an operator who will reimagine the site to create a destination that draws both visitors and locals into the city centre while celebrating the unique heritage aspects of the site."
The last train left the station on Christmas day in 2014 when the former government shut down the city's heavy rail line and replaced it with a tram.
Various groups such as Renew Newcastle and Hunt & Gather have tried to make a go of operating out of the station buildings but pulled out due to a lack of public interest and revenue.
The buildings now house a book shop, cafe, arts hub, e-bike store and various markets and festivals on the station plaza.
Some nearby residents have expressed concern about noise and anti-social behaviour arising from a bar or hotel at the station, but Mr Scully said the government's "vibrancy" reforms recognised that "people need to live together".
"Where I live, there's a bar across the street," the Wollongong MP said.
"You can barely hear it.
"I appreciate people might have concerns, but I think we can work our way through it."
Mr Scully said the existing tenants had been offered lease extensions until next year.
"It's an important site, and it's the sort of site that needs to get a good, long-term operator here willing to make the investments needed to make sure its heritage is respected but also that it can be used to be a real attracter for Newcastle," he said.
"I don't have any fixed views about what it might be.
"There are some caveats. If you're putting in an expression of interest, you're not knocking it down. That's off the table."
Property firm Colliers is marketing the station lease.
