The multi-million pound redevelopment of the 20 acre river frontage site in the heart of the town is being driven by the core funding partners, Fenland District Council, the East of England Development Agency (EEDA), English Partnerships and the European Regeneration Development Fund administered by GO-East, demonstrating the benefits of 'regeneration through partnerships'.

They have put in more than £10 million to cover the cost of acquiring the land either through negotiation or through compulsory purchase, to carry out remedial works to deal with contamination issues together with associated infrastructure improvements prior to transferring the land to a housing developer.

The core funders will create:

• A picturesque pedestrian-priority river frontage along Nene Parade in front of the yacht harbour that will attract tourists.
• A stunning three-storey building on Nene Parade, designed to provide the 'wow' factor to the project. The building, called The Boathouse, will accommodate 31 knowledge-based businesses, a Yacht Club, the Harbour Office, conference and training facilities and café together with toilets and showers for visiting yacht crews and cyclists on the ground floor.
• New public space areas and improved accessibility to the town and the Waterlees Ward. In addition, a new foot/cycle bridge linking the Old Market to Nene Quay is also under consideration.
• An extended yacht harbour to attract boat owners from Cambridgeshire and The Midlands who are currently berthing their boats in more distant and more expensive facilities in East Coast ports.
• A 75 boat lifting facility to support the burgeoning demand for berths. When the new boatlift facility opens in the summer of 2007, it will be the biggest facility from Gravesend to Newcastle. Discussions are already underway for a boat repair service provider to offer boat owners a full maintenance and repair facility on-site.
• A previously redundant slipway is to be refurbished to provide much needed repair and maintenance facilities for larger, principally commercial, craft.
• On the west bank, opposite the development, will be a linear park with attractive landscaping, enhanced by public art and a Heritage Trail.