Perth's Cygnet cinema could close its doors by the end of the year unless a WA developer pulls off an ambitious plan to transform a suburban Como street into a buzzing strip.

The plan includes a $2 million revamp of the heritage-listed movie theatre as well as an array of multi-storey apartments, cafes, piazzas and underground carparks along Preston Street.

In a time of Perth's retail strips suffering from problems including poor tenancy mixes, several major inner-city redevelopments have centred around installing or refurbishing cinemas, and this potential revival of the beloved local art deco landmark could help make this street a centrepiece for South Perth's imminent population boom.

Artist's impression of Cygnet Square, with the heritage-listed cinema at its centre. Credit:Emerge Associates

Once a popular holiday spot, Preston Street fell on tough times after the construction of Kwinana Freeway cut it off from the riverfront in the 1950s.