The Friends of Old McKenzie Fish Hatchery are proposing to upgrade the historic site with a new interpretive centre and museum.
According to the Register-Guard, the group is not seeking county funds for the project.
The non-profit group are intending to raise $43m through grants and a major fund-raising initiative.
Built in 1907, the hatchery closed in 1954 when the state moved its trout and salmon hatching operations to a bigger, modern facility.
Ambitious plans include the 30,000-square-foot interpretive centre in the shape of a drift boat.
The centre will celebrate the life of the McKenzie river. It will feature exhibits about river boats, guides, the watershed, and fish and ecology.
Guests will also be able to experience a virtual whitewater ride in an interactive theatre.
The new attraction is intended attract tens of thousands of visitors to the area.