Dubbo Regional Council is buying 92 Macquarie Street as it prepares to put on public exhibition concept plans for the Old Dubbo Gaol Heritage Plaza, which has a price tag of $5,010,000 and a mid-2022 completion date.

Its director culture and economy Natasha Comber has revealed the council has exchanged contracts on the property and is negotiating the departure of its tenants "so project timelines can be finalised".

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She said "qualified businesses" registered with VendorPanel would be notified of the launch of a tender process for the demolition of 92 Macquarie Street.

The plaza is part of the council's $13 million Destination Dubbo: International Ready project which also includes the development of the Macquarie River Foreshore event precinct and the Wiradjuri Tourism Centre.

The three central business district (CBD) projects will be paid for with NSW government funding and $2.5 million from the council.

Ms Comber said the cost of the plaza took into account the acquisition of property to "create the community precinct" and a First Nations public art installation for which a competition is underway.

Concept plans for the plaza will be made available to the public by the end of this month.

"It is important to note that these are not the final plans and it is expected the community will have a range of great ideas that can be considered in line with project budget, the space and any relevant regulations," Ms Comber said.

Tenders for the design and construction of the plaza will be called after the public exhibition period, with VendorPanel-registered businesses to be notified.

Ms Comber said the three CBD projects would benefit the Dubbo and NSW economies.

"The Destination Dubbo: International Ready project aligns with council's long-term strategic vision to make our region Australia's number one inland tourism destination," Ms Comber said.