Dubbo Regional Council is looking into ways to revitalise the public space adjacent to the Macquarie River between the LH Ford and Serisier bridges. The goal is to attract more people to the area, while beautifying the CBD.

It is expected to cost $3.5 million.

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There are two similar masterplans which have been commissioned by council to show what the area would look like. Both include features like a riverside stage and boardwalk and amenities. There's also a kids playground and bushwalking tracks.

Mayor Ben Shields said when the precinct was complete it would be "transformative" for the city.

"It's always been a little bit peculiar to me that we've got this fantastic, picturesque river in Dubbo and the only place you get even put your big toe in it is at the boat ramp," he said.

Cr Shields said the community didn't fully yet know the significance of the plan and how it would transform Dubbo into one of the most beautiful and pristine cities of Australia.

"It's often said that earlier our founding fathers got it wrong when they built Macquarie Street. They have shops facing away from the river and they should have had the foresight Wellington did and have shops facing to the river," he said.

"This is finally starting to correct something within our city of Dubbo which hasn't been right for a number of years."

Councillor Greg Mohr encouraged everyone to have a look at the plans and have their say.

"This is something that is going to change Dubbo forever and it's good for people to come out and reflect their views on what they would like to happen in this area. I encourage the public and businesses to come out and give us their word on what they prefer on these two designs," he said.

Money for most of the project has already been allocated, including $2.6 million from the NSW government.

The masterplans are open for feedback and can be seen on the council website.

Feedback has already been sought from stakeholders such as the Dubbo and District Football Association, the Dubbo Triathlon Club, Dubbo Field Naturalists and Conservation Society and Inland Waterways Rejuvenation Association.