FALMOUTH Marine School has unveiled £3.4 million refurbishment plans for its campus in the town.
In 2008, former head Tom Shaw said the college would have to quit Falmouth to expand.
But current head David Stedman said: "I decided the marine school should stay. I didn't want it to be anywhere else. It is part of the community."
"We have done a lot since we have been here, fixing and improving things, but there is a limit to what we can do."
The proposals for the site on Killigrew Street include the demolition of the Trelawney Road wing and the creation of a new entrance and biology labs and increased car parking, with 20 spaces.
Internally there would be a reconfiguration of facilities to make better use of the space, a lift added for disabled access and more energy-efficient insulation, windows and doors.
The college's aim is to provide space which is "versatile, fit for purpose and tolerant to change".
The project is reliant on funding of £1.7 million from the Skills Funding Agency and £1 million from EU Convergence Funding.
The remaining £700,000 has been committed by Cornwall College, of which the marine school is part.
A planning application would be submitted in the autumn.
Mr Stedman said: "If we can use the site more efficiently, it would result in a better service to the community.
"We are making do, but doing some really interesting things."
The college has a training centre and boatbuilding facilities at Ponsharden, space at the docks and the Watersports Centre.
"We are integrated into the community, so why go anywhere else?" said Mr Stedman. "We have to deliver real value to businesses, employers and industry and we already do."
"The benefits for the students and businesses will be marvellous."
An open day is taking place at the site on Thursday from noon until 7pm for the public to view the plans.
