The Figtrees on the Manning precinct development will soon be underway to redevelop and revitalise land between Taree's botanical gardens and The Big Oyster.

The development will be headlined by a retirement complex, retail outlets, a commercial marina and repurposing of heritage dairy farming buildings.

The precinct was planned and approved many years ago, but suffered setbacks with significant infrastructure costs required to proceed with the development.

Real estate agent Greg Coleman was involved in the sale of the land to Chase Taree Developments Pty Ltd in 2006. The developers had hoped to begin construction within two to three years.

Mr Coleman said work on the precinct was a long time coming.

"It's going to help the town, any development in town in a good thing," Mr Coleman said.

"It'll be great for people who want to downsize in a unit complex and live near the river and it's also not too far from the CBD."

Local businessman Ray Stack said the precinct will emphasise Taree's status as a major regional centre.

"It's a real game changer," Mr Stack said.

Member for Myall Lakes Stephen Bromhead said the development will bring greater use to the Manning River and open up a host of new employment opportunities.

The retirement complex will be constructed through Bushland Health Group, with units expected to be five to six levels high.

Bushland Health Group chief executive officer Denis Hawkins said the complex will provide more retirement options for the area.

"Fig Trees on the Manning is an exciting opportunity to develop a new concept in retirement living.

"Vertical retirement living with a broad range of resort style facilities close to services is something that more and more retirees are seeking and we want to help deliver that as another option for local retirees," Mr Hawkins said.

Bushland Health Group chairman Graham Brown OAM said the complex will help meet the demand of elderly locals and those who wish to move to the area for retirement.

A time for the start of construction of the complex is yet to be identified.

To get the precinct and retirement complex up and running, the Federal Government will provide $8.5 million towards the construction of new infrastructure such as the upgrade and construction of new roads, culverts, boardwalks, pedestrian and cycle bridge, drainage detention, a river stage and viewing platforms, children's play area and artworks.

Member for Lyne Dr David Gillespie said as the development grows, the effect on the economy will be exponential.

"This project will be a game changer for the whole Manning Valley.

"The Bushland Health Group's $25 million development will create more than 180 jobs and will facilitate the development of more than $455 million of new development delivering a major boost to our region's economy and creating thousands of jobs for many years to come.

"This precinct will significantly transform Taree and the Manning Valley for decades to come.

"It will reactivate and revitalise this area of the Taree waterfront, improving and enhancing the local area."

These sentiments of Dr Gillespie were echoed by many in attendance for the announcement, including representatives of Bushland Health Group, MidCoast Council and local businesses. The marina will encourage boat owners to utilise the river while opening the door for commercial marine businesses to display their crafts.

The historical connection to the farming and maritime industries won't be lost through the project.

A museum will be created with the former generator building while old dairy factory buildings will become growers markets, coffee shops and restaurants.

The old railway alignment will form part of the cycle and pedestrian pathway through the site.

Pictured: Emma Pike, Paul De Szell, Adrian Panuccio, Graham Brown, Maurie Stack, Denis Hawkins, Dr David Gillespie, Stephen Bromhead, Anthony Elias and Ray Stack.