Cheltenham residents are being asked for their views on plans for a five acre area of the town centre.
In 2008, plans for the North Place and Portland Street car park sites included a new library, flats, homes and retail space.
There was also a possibility the borough council, which owns the land, would move its offices there.
But the plans were put on hold due to the recession. The authority was advised to review the proposals.
A council spokesman said the Cheltenham Development Task Force, formerly known as Civic Pride, had advised the authority to reassess the plans.
The reviewed proposals include a reduction in affordable housing from 50% to 40%.
The task force is made up of business and other leaders.
Its chairman Graham Garbutt said: "It was clear that developers would not be able to deliver the specifics hoped for two years ago.
"We need to test the market - including developers and investors - so that we can stimulate new ideas and opportunities that will be of benefit to Cheltenham in the long term."
The public consultation, which runs until 1 October, can be viewed on the borough council's website, at libraries in Cheltenham and at council offices.