The cash-strapped National League club is currently up for sale, but despite their financial problems Phillips says a new stadium is the best way forward.
"We're looking ahead to a new ground. It's not absolutely concrete yet, but it's very, very likely that we'll be in in about three years," Phillips said.
"When we get to that stage we'll become a self-sustaining club. It's just in the meantime we need financing."
The Gulls first mooted moving to a new ground on the outskirts of the town in February, and have been at their current Plainmoor home for the past 105 years.
Torbay Council own Plainmoor, which ultimately proved to be the stumbling block as a takeover bid for the club faltered last week.
Phillips says a developer would build the ground and give it to the Gulls, but benefit from developing other businesses on land adjacent to the new stadium.
And Phillips says a ground with a synthetic pitch, which could be hired out to other users, would allow the club to be financially viable.
"You have 3G pitches, various sports going on, it's going to be open to all the community, not just Torquay United," he told BBC Sport.
"Torquay United would be the holders of that ground, we'll make money and everyone will get benefits from that.
"I know the council are very keen on this happening, so that's the future, and it's a great future, we just have to survive the next few years."
Torquay United could be in a new ground by 2019, says chairman David Phillips.