Dublin City council rules would allow a development of up to 22 storeys on the site
CIE is looking for a partner to develop Tara Street Station on Georges Quay in central Dublin into a high-rise office building.
This move comes as rents, and demand for office space in Dublin city center returns to boom-levels.
Rather than selling the property CIE is keen to develop an income stream by working with a developer who will handle the planning application process and build the high rise.
CIE is prepared to grant either a 300-year ground lease - or to take 10 percent of the annual rent earned from the building.
While offices are likely to offer the best return, the location could also be used for retail space, a hotel, or a mix of office space and apartments.
There were previous plans to develop the cite during the Celtic Tiger years.