Hobart's $100 million Myer ICON development is on track to open in time for Christmas, according to the developer Kalis Group.

Tasmanian Premier Will Hodgman says it’s fantastic news as crews work hard to rebuild the Myer site on Liverpool Street after a devastating fire in 2007.

“After seven long years of inaction on the site, we are pleased to have played a role in securing the future of this important project,” he said on Monday.

The government agreed to a $15 million commercial loan to secure the project.