Plans for the 5.26 hectare site, which has not been in use for almost 20 years, include a mixed retail, office, leisure and residential development.
Communities Minister Paul Givan said it presents a major and high profile development opportunity at the centre of the town.
Minister Givan said: "This development brief sets out Bangor's unique identity, its outstanding setting and illustrates the significant potential for an exciting mix of new uses to reinvigorate the waterfront and restore the town's position as a prime destination with shoppers, families and tourists.
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"The marina is a key part of the town but the existing car park currently imposes a physical and visual barrier to the coast. These proposals present a fantastic opportunity to upgrade and repair the waterfront and integrate it more with the rest of the town.
"These are exciting new plans which have the potential to move us towards meeting our regeneration objectives for Bangor. I look forward to hearing developers proposals to enhance the vision and turn it into a reality."
The development scheme will provide a social and economic boost to the town, and will make a substantial contribution to the local economy by generating jobs and attracting investment to the area.
(CD/JP)
