A $100million redevelopment of the Eden Fishermen's Club was revealed on Friday with developer Core Asset Development planning to lodge its development application next month.
CAD said its four-tower complex known as "The Sapphire of Eden "is expected to re-shape and revitalise Eden as a major regional centre in NSW".
Construction of the towers is set to commence in September 2021, pending approvals.
Mayor Russell Fitzpatrick said he was mindful the proposed complex was yet to go through the DA process but said in theory it was exciting news.
"If it generates jobs and economic activity for the town, it is great," Cr Fitzpatrick said.
He said the development was expected to generate 80 jobs, maybe more.
"In development stages as far as building jobs go, it could create some great activity too."
Eden Chamber of Commerce president Eric Wolske said the chamber had seen the basic plans of the development and felt it would be positive for the town.
"It's certainly going to be a drawcard in the centre of town and will have a restaurant available for the fine dining people have been looking for and will help with the current lack of hospitality at the wharf," Mr Wolske said.
"It is most definitely very, very positive for the future of Eden.
"In some respects this development will help with the housing shortage in the area.
"Hopefully this is the driver for when the cruise ships come back as well and a perfect opportunity for us to lobby to become an embarkation and disembarkation port."
CAD said its $100m project, called "The Sapphire of Eden", had already received the support of the NSW government and local MP Andrew Constance.
CAD said it was currently in negotiations with a number of global international hotel groups with five-star brands, which will manage the 78-room, five-star hotel.
The plan also comprises a 300-person function and wedding centre, rooftop infinity pool, restaurants, bars wellness centre, and a kids' play area to be built in one of the towers.
The three other five-storey towers will feature one-, two-, three- and four-bedroom apartments - with a heated pool, gym and barbecue areas in a fully secured precinct, with registrations of interest from buyers now open at www.thesapphireofeden.com.au.
The towers have been designed by noted architects Altis Architecture and its principal Andrew O'Connell, taking in the 360 degree vistas of the coast and mountains.
"We are excited by this project which will give the South Coast a much needed, private sector shot in the arm, providing tourist and residential accommodation, which will relieve pressure on surging prices by adding more rental stock at affordable prices into the market," managing director of CAD Mark Toma said
"Merimbula Airport is seeing a significant lift in flight traffic as interstate and intra-state tourists take advantage of the subsidised airfares, with the resultant economic benefits flowing through the whole of the Bega Valley Shire", he added.
The CAD project is expected to generate 1043 jobs during the construction stage and 80 full time and part time casual ongoing jobs with the hotel and other commercial operations in the complex and will generate more traffic to Bega's commercial centre.
The Eden Fishermen's Club is continuing with its plans for a multi-million redevelopment of its Eden Garden Country Club site, constructing a 116-lot seniors' lifestyle residential village and 16-lot house and land sub-division.
Club chief executive officer Andrew Terry said that the collective efforts and timing of these major developments had taken a number of years of planning to bring to reality and will represent one of the most significant economic and social investment in the local region in decades.
Mr Terry confirmed there had been strong market interest in purchasing the Fishermen's' Club site when listed for commercial sale.