The council has published a contract notice seeking a developer to take on the residential and commercial newbuild project, which has an estimated value of between £70m and £90m.
Companies with the appropriate expertise and capability are invited to pitch for a long-term development contract to develop four sites totalling 3.22ha. It wants to build a new arts centre and 70 new homes as well as refurbish the Humber Street area to provide new venues and spaces for arts, shops and offices.
Pre-qualification questionnaires must be returned by Monday 14 August 2013.
The Fruit Market sits between the Marina and the east bank of the River Hull, offering a waterfront location on the Humber estuary, it also part of Hull's Old Town Conversation area.
In 2008 the council appointed Igloo to redevelop the area but the scheme stalled with the recession.
Councillor Steven Bayes said: "Our vision is to create a vibrant cultural and residential quarter that will bring more people to our stunning waterfront and become a world-class visitor destination.
"With plans for a cruise terminal and international arts centre and our recent success in reaching the shortlist for UK City of Culture 2017, our ambition for Hull and for the Fruit Market is clear. To help us achieve our ambition, we wish to work with a lead developer partner to realise the potential of Hull's Fruit Market.”
For further details, see our Contract Leads section.