The local authority hopes to rejuvenate the area at the junction of Town Hall Street and Farnham Street.
It says it wants to redevelop part of the area and improve pedestrian access into the town centre.
The public consultation began last week and runs until May 10th.
The Council says it's particularly eager to hear from the local community and property owners and tenants.
Plans will be on display outside the council offices on Farnham Street in the town or on the council website.
Cavan council website http://www.cavancoco.ie/Default.aspx?StructureID_str=255&guid=2979