Under the proposal, public space and parkland will make up 80 per cent of the 3.43 hectare site to be redeveloped according to the Brisbane City Council.

HSW Consortium was announced on Thursday as the preferred redeveloper, with councillors to formally decide on the matter at next Tuesday's council meeting.

The council said the building approval process should be complete in the second half of 2015, and HSW said it hoped the precinct would open to the public in mid-2017.

The prime piece of real estate has been the subject of political tug-of-war for years, and was set for redevelopment before plans were scrapped by the then-Bligh state government in 2011.

Those plans were championed by then Brisbane Lord Mayor Campbell Newman, with the current proposal backed by his LNP state government.

Concerns have also been raised in the past as to whether any developments would be at risk of flooding - claims dismissed by Lord Mayor Graham Quirk on Thursday.

"It is important to note that ground floor of the hotel and retail development has been designed to be above the flood level of a one in 100-year flood event," Cr Quirk said.

Cr Quirk said the site - which is close to the re-opened Riverwalk - would include pathways for cyclists and pedestrians, public green space and a kayak ramp.

The boutique five-star hotel would be surrounded by a dining, retail and tourism precinct with a 1500-square metre exhibition space which could be used for markets or concerts.

A 350-space car park is also proposed.

HSW Consortium co-founder Elisha Bickle said the heritage buildings and wharf would be transformed into restaurants.

"For residents and tourists this is one of the best sites in Brisbane and our vision is to create a truly unique destination including an iconic boutique hotel, restaurants run by some of Australia's leading operators, event and exhibition spaces and a craft brewery," she said.

Ms Bickle belongs to Brisbane's Bickle family, known for owning and managing several nightspots in Fortitude Valley.

The Empire Hotel, Cloudland, Press Club and nightclub Family are among the stable run by the Bickles' company Katarzyna.