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Over 1,000 construction jobs are set to be created by the £100m proposals, which could see Bangor's waterfront developed into a massive mixed-use site.
Under the scheme 60 new retail units would be constructed, as well as 200 residential dwellings and a 150-bed hotel.
New office space would also be built, in additional to a 400-seater arts space and several other leisure facilities.
The aesthetics of the popular promenade would be upgraded as part of a larger public realm scheme.
Social Development Minister Margaret Ritchie said the regeneration of Queen's Parade offers a "unique opportunity" to regenerate Bangor town centre and waterfront.
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Last year, her department formed a development brief for the site, aimed at improving retail performance and promoting more town centre living.
"I believe that the Marine Gardens proposal, which my department, the local council and the developer have brought forward, is a tremendously exciting new plan which has the potential to move us massively toward meeting those objectives," she said.
Minister Ritchie acknowledged that the views of local people should be heard.
"I am therefore launching a two week consultation period as I want to get the views of the public in Bangor on the proposed scheme. I would invite everyone to view the plans at the public exhibition and submit their views."
Aran Blackbourne, Director of Karl Greenfarm, said the development will make a substantial contribution to the local economy by generating jobs and attracting investment to the area.
"We are confident that Marine Gardens will attract a strong tenant mix to strengthen and complement the existing town centre in addition to enhancing both the day and evening economies in the town," he said.
Mark Rebbeck, Director of joint venture partners, MAR Properties, said: "These proposals present a fantastic opportunity to enhance and repair the waterfront and integrate the area more coherently within the town centre."
She said HKR architects has designed a scheme of "European excellence".
The plans will be on display in the former Woolworths store from 10 June until 24 June.
(PR/JM)
