Spring into Corrimal could find a new home once construction starts on the cokeworks site.
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The popular festival has not been held for the past two years due to COVID lockdowns and a lack of sponsorship.
Legacy Property is working with the Illawarra Coke Company (ICC) on developing the cokeworks site for housing, with the first stage slated for eventual construction being the heritage precinct that runs parallel to Corrimal station.
Legacy project director Peter Navratil said there would be space in the 200-metre heritage strip to hold events like Spring into Corrimal.
"We've lost Spring into Corrimal, but there's an opportunity to have a new home here," Mr Navratil said.
"It doesn't have to be a one-day thing, maybe it can be a week-long thing. We've got the space to do that.
"We'll be able to create a permanent home for that. There's the perfect interface for that with the station and the Heritage Plaza."
He also said they were negotiating with the operator of Corrimal markets to set up in the precinct as well.
Legacy joined up with the ICC four years ago to work on rezoning the site and getting all the necessary approvals.
Once that happened, he said Legacy would buy the site from the ICC.
It took the partnership four years to get to the stage where the site was rezoned, which happened in May this year.
A development application for demolition of some structures on the site has been lodged with Wollongong City Council, with many more applications to follow.
"It's a big site, so we broke it up into a number of DAs," he said.
"Demolition, stage one earthworks, stage two earthworks, the heritage component. And then we're breaking up the residential and retail section into a number of other DAs. So over the next three or four years we're going to be lodging those progressively.
"We're lodging our first built form DA next year, so hopefully once that's approved, within six months of that we'll actually be starting work."
One of the main concerns relating to the development is the increase in traffic, though Mr Navratil noted there were 500 people on site last week for a Hollywood move shoot "and nobody even knew about it".
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