Supermarket firm Morrisons was named as the preferred bidder for the project, which could see a new store and other facilities built in Banff.
The development would involve the creation of a supermarket, café, filling station, car wash, and parking on land at Canal Park/Old Market Place.
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The area of ground and buildings proposed for the project lies to the west of the Deveron Bridge and currently features a grass football pitch (Canal Park), pavilion, and the former Bridge Street Community Centre.
The land also includes three redundant tennis courts and a basketball court. The adjacent Princess Royal Park does not form part of the project.
As a large portion of the site is designated as 'common good land', part of the procedure for the proposed sale requires the council to consult with the community and invite views for consideration before a decision is made.
The consultation is now open and will run until Wednesday, June 30.
