The Andrews Labor Government has called for proposals to develop the parcel of land located behind Aldi supermarket and First Choice liquor outlet as part of the Junction Place project.

Priority precincts minister Gavin Jennings has launched the process to seek market submissions to buy and develop the 2.37 hectare site on the corner of South and Smythe streets.

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"Precinct 5" offers the opportunity for a mixed-use development, including commercial and retail elements.

In early 2016, the Labor Government appointed developer Central Place headed by Clinton Williams to deliver a mixed-use precinct at Junction Place, to include commercial offices, residences, cinema and hotel.

A townhouse development received planning approval in March and work is expected to commence this year and council planning approval for the cinema complex was received in November last year.

Public spaces including the Promenade, Junction Square, Sidings Park and Richardson Park have also been created in addition to the Goods Shed, Beanstation cafe and Miss Amelie.

The request for proposals for "Precinct 5" closes on October 28 with the successful developer expected to be announced early next year.

"Wodonga is Victoria's fastest-growing regional city," Mr Jennings said.

"Junction Place has created jobs, new parks and amenities including cafes and restaurants for locals and visitors to enjoy.

"Central Wodonga is a great place to live, work and play.

"We want visionary companies and individuals to come forward with their best proposals for how this vital precinct can be enhanced further."

Member for Northern Victoria Jaclyn Symes said Junction Place was forecast to inject up to $250 million into the local economy in initial construction jobs followed by ongoing work in retail, accommodation and hospitality.

"Already the project has breathed new life into the heart of central Wodonga and this next stage is an opportunity to build on that good work," she said.