"Some people want to sell it off, some want the Menz Shed there ... some people want to see a manned info centre, there's all sorts."
He said this was an opportunity to transform the town, coinciding with the development of the new SuperValue supermarket complex. "We are progressing quite nicely, we are on the right path, especially with the new supermarket."
Mr Olds said there was an idea to develop the town square into quite a "major drawcard".
This could attract and benefit retailers as Featherston is the gateway to Wairarapa, he said.
Mr Olds said he supported the idea for something to be placed centrally to remember the Featherston Military Camp, which saw thousands of servicemen trained for World War I.
"I think there's scope for a town centre to have some sort of memorial. We are a unique town, there's a huge amount of history here.
"We've got this one chance to get it right."
The vacant land became available when council swapped it for land that is now being developed into the new supermarket complex by Trust House.
Feedback is due by Wednesday, April 9.
See www.swdc.govt.nz for information on how to make a submission.