Last year the federal government allocated $8.5 million to construct cycleways, kerb and guttering, road resurfacing and major intersection and storm water upgrades before major developments at the precinct, earmarked for the area near the Taree Fisherman's Co-op and the old butter factory, begin.

Tenders have been called for the civil work while Fleetwood Urban has signed on to construct a bridge over Browns Creek to link Taree Gardens to the precinct.

A centrepiece of the precinct will be a 'vertical living' retirement complex, developed by Bushland Health Group.

The board for the aged care and residential retirement provider is moving forward with advanced plans for the site.

Bushland Health Group chief executive Denis Hawkins said the board was proud to help develop the precinct and eager to get construction of the complex underway when the time comes.

"Once all that work is complete, and the timeline would say at the moment it will be completed in the two year funding program, we expect we will have well underway plans for our aged care facility," Mr Hawkins said.

Member for Lyne Dr David Gillespie said the complex will "encapsulate the beauty of the precinct".

He also said the entire precinct will revitalise the Manning, unlock more than $455 million in development and generate thousands of jobs.

"It's going to be a real game changer in terms of lifestyle, economic development, employment growth, business and the whole vibe around the river," Dr Gillespie said.

"You've got other great cities of the world that have a river running through them and Taree, the 'River City', will get a new lease of life out of the Figtrees on Manning project."

The purpose built and multi-use development extends beyond the retirement complex, with retail and entertainment venues expected to form part of the precinct.

MidCoast Council mayor David West said the precinct will regenerate economic prosperity in the region, considering the recent impacts caused by the COVID-19 pandemic.

"This will be the driver for economic development within this area and this will give some certainty that regional NSW is getting stronger irrespective of what COVID-19 can do to it," Cr West said.

Member for Myall Lakes Stephen Bromhead said the precinct will be a draw card for the area.

"I think this will be the jewel in the crown for Taree as this development goes through," Mr Bromhead said.

"It's great to see the partnership of government, local council and the business community working together to bring something very special to this area."

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