The downtrodden town has seen a flurry of investment and development approvals in recent years as tower cranes on the skyline have given locals hope.

Millionaire advertising mogul John Singleton's Bonython Tower on Mann St was supposed to kick-start a luxury condo 'boom' in 2019, but that fizzled out with a number of failed developments before the pandemic struck.

Peter Lawley, president of the Gosford Erina Chamber of Commerce, said the Gosford CBD had been at a standstill for the past 10 years or so.

He said new projects in the pipeline, such as ALAND's Archibald, Rumbalara Residences and The Waterfront tower would help transform Gosford.

"These new developments will bring a much-needed boost to the local CBD area, which is expected to add nearly 3,000 people. Local businesses in the CBD will benefit greatly," he said.

With strong links to the M1 freeway, rail and world-class healthcare facilities, people relocating to Gosford will be able to enjoy the advantages of living in the area while being within an hour of Sydney," he said.

"The University of Newcastle will begin construction of a university at the northern end of the CBD, while the new TAFE is expected to be built at the southern end of the CBD, which will then completely transform the city and bring more people into the CBD.

Mr. Lawley said the demand for luxury in the area was evident, especially with strong sales of off-plan apartments to Sydneysiders.

The long-awaited Archibald by ALAND project includes 323 apartments, 130 hotel rooms, dining areas, resort-style amenities and the highest cocktail bar on the coast.

The $375 million Donnison St project recently launched its penthouse collection.

The Signature Collection consists of 12 penthouses on the top two floors with high-end fixtures and finishes, spacious living spaces and unobstructed water and mountain views.

They have been described as "new heights of luxury and sophistication on the Central Coast" and start at $2.3 million.

"The rise of luxury condominiums in Gosford is a positive sign for development and economic growth in the area," said George Tadrosse, CEO of ALAND.

"In general, urbanization brings with it a variety of improvements such as upgrades to infrastructure and amenities, as well as stimulating the growth of local businesses, furthering the overall economic growth of Gosford and the wider region.

"In addition, the number of Tier 1 developers and builders coming to Gosford suggests a strong interest and confidence in the area's potential.

Mr. Tadrosse said that "there is a high demand for larger, more luxurious styles of apartments at better prices than the other housing options available" and as a result sales have been strong.

"The Signature Collection was inspired by the demand for consolidated apartments from homebuyers, primarily singles who are selling their larger homes and need larger apartments with low maintenance and low expenses," he said.

Meanwhile, Rumbalara Residences, a $250 million "six-star" development, is set for completion in 2024.

The 188-unit luxury development, built on the highest point in Gosford, is being crowded by "downsizers" and is expected to sell out before completion, said Todd Campling, Alceon's director of development.

"They're coming from larger homes in Sydney or on the Central Coast," he said.

"They can see the value in the added amenities such as commercial-grade gyms, saunas, work-at-home stations and libraries.

"This is the most luxurious development ever built on the Central Coast."

Guide prices at Rumbalara range from $580,000 for a one-bedroom apartment to $1.445 million for a three-bedroom apartment.

One of Gosford's most infamous sites - once dubbed the longest hole in the ground in the suburb due to a failed development - is about to be built into a luxury residential area.

The A$60 million Sapphire Gosford development fronting John Whiteway Dr will include 97 luxury apartments with amenities including a gym, swimming pool and private communal courtyards.

The project is being developed by Pacific Project Group and will consist of three 10-storey towers. It is being marketed through Domain Property Group, which has already sold 56 condominiums.

"Inspired by the beauty of the coast, these luxury residences are your sanctuary just a stone's throw from all that Gosford has to offer. Standing tall, you'll have panoramic views of Brisbane Waters National Park and the endless waterways below," reads the Sapphire website.

Construction is also well underway on the North Tower of the Central Coast Quarter development, which will include three towers at the southern end of Mann St with residential, hotel, commercial and retail space.

The $115 million Waterfront tower, on the site of the former Gosford Primary School, will include 136 apartments over 25 floors and ground floor retail space.

The project is expected to be completed by April 2024 and is currently 97% sold out, with luxury apartments selling the fastest.

The 'The Grand' development on the former Creighton Funeral Parlour site on Mann St will offer a wider selection of luxury waterfront apartments.

The Kann Finch-designed tower will be 18 stories tall with 138 condos priced from $502,250 to $1,235,125.

Due for completion in 2025, the project's allure includes an infinity pool with a garden podium.

Meanwhile, other major developments are in the planning stages, including the A$564 million redevelopment of Gosford Leagues Club, which includes a series of podiums topped by five towers, four residential and one hotel.