Cotter said it was a premium site with "spectacular views" towards Mount Maunganui that was crying out for this type of development.
The development had a focus on luxury, spacious apartments with large decking areas to make use of the water and city views.
He said there had so far been a lot of interest in the apartments through word of mouth expressions of interest.
"We're really encouraged by the early discussions," he said.
Market research suggested inner-city living in Tauranga had been popular with buyers in the Golden Triangle - Auckland, Waikato and Tauranga - including young professionals, he said.
"We think high-density apartments built in and around the CBD is what's going to be a major positive in revitalising the CBD.
"People want to be able to walk to work or events, restaurants, movies, art galleries. All of those businesses will benefit tremendously if we have more people living in and around the CBD."
Rob Gartshore, who is also part of the development team, said inner-city living allowed people to be able to live within a city, which is crucial to stemming the urban growth Tauranga has been exposed to for the past 10-15 years.
"We simply can't keep pushing the boundaries of the city limits."
Gartshore said there was a demand for higher-end larger apartments and a development this size was needed for the many returning ex-pats and people relocating to Tauranga for a better lifestyle.
"We need to cater for that," he said.
"The previous population of the town is changing. We have a lot of young families enjoying Pāpāmoa and Western Bay and we've got younger professionals coming home and looking to reengage with Tauranga.
"It is a sign of the times where Tauranga's demographic has changed dramatically."
The official launch date will be on December 10.
