The options also consider a museum, performance venue, city square, hotel, retail and hospitality activity, and accessibility.
Chief executive of Tauranga City Council Garry Poole said he hoped the proposals would revitalise and increase the economic wealth of the CBD.
"We all need to just see this as a huge opportunity to change the nature and vibrancy and shape of the city," Mr Poole said.
The preferred option would be chosen as part of a Long Term Plan Amendment, after they had consulted the community.
Mayor Stuart Crosby said there had been a "considerable" number of people and groups who had given feedback on the Civic Space Options Project, after toxic mould was found in the council's Willow St buildings in November 2014.
He said the priorities would be the development of the administration building and council buildings, supporting the carpark, and creating an open civic space.
"At the moment, Red Square is our default city centre, and frankly it's a little tiny courtyard.
"We're proposing a purpose-built city centre that has direct access to our waterfront," he said.
Subject to the consultation in June/July, Mr Crosby said a two-year time frame for the civic space would not be unreasonable.
Mr Crosby said the development of a new performance venue, as proposed on "most ambitious" Option Three plan, would tap into the entertainment and conference market "we are missing out on".
He also said now was the right time to discuss the possibility of a new museum building. "I think the really exciting opportunity is that it won't be a dusty old museum ... it will more than likely if it goes ahead, be a high tech one," he said.
When asked how likely the possibility of a museum would be, Councillor Gail McIntosh said it would will be interesting to see what people thought.
"I think everyone wants to see a museum but they're not prepared to pay for it," she said.
Incubator director Simone Anderson said the construction of a museum for Tauranga was "an absolute no brainer".
"It's really important, it just enhances our city," she said.
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She said the museum would help to show work from creative and cultural sectors in the area, and the different stages of the city.
Cr McIntosh said Option Three could possibly take 25 years to complete, if chosen.
The Civic Space Options report showed refurbishment of the Council Administration building, the Customer Service Centre building and the Council Chambers building would not be cost-effective or financially viable.