A study has been launched to decide if the Portrush economy could benefit from the relocation of the town's railway station.
The study has been commissioned by the Department for Social Development in conjunction with Coleraine Council.
Minister Alex Attwood said land currently occupied by rail tracks could be freed up for development and allow better access to the seafront.
A four star hotel, spa and conference centre have been suggested as projects.
Mr Attwood said it was part of wider Portrush regeneration plans which aims to rejuvenate the seaside resort.
"The study is an important first step in determining if the ground on which the train station sits can be freed up for development," he said.
"The report will also establish the options available to re-locate the train station, the extent of the development ground and the potential costs of the relocation including building a new terminal."
Mr Attwood said there was a good argument that government investment in urban regeneration was "as effective an economic tool as other job interventions".
The relocation proposal was a key recommendation in the Portrush Western Peninsula Strategy, launched in 2007.