The developer revealed the proposals at a council meeting, which included plans to build a new hotel and major retail and office space.
If approved, the project will create 80 construction jobs over a three to five-year period.
Tony Wan of Moorefield said: "We are thrilled to be able to show our plans to develop this site which will bring new hospitality and retail choices to Dungannon. The addition of new retailers and a hotel operator will bring added vibrancy and shoppers to the town centre and will also mean jobs for local people if the site gets the green light.
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"Shortly there will be a formal period of consultation with the local community, and we are keen to reach out and hear back from people living in the area."
Chair of Mid Ulster District Council, Councillor Sean McPeake, added: "The land at Ann Street site has long been considered a strategic development opportunity site and an important link between the west of the town and the main retail core.
"We are moving ever closer to seeing its transformation from derelict land into a thriving public space for commercial and social use and there is no doubt Moorefield's plans will provide a real economic boost to Dungannon."
(CM/LM)
