The $6.8 million redevelopment is designed to beautify the Launceston river edge with a sound shell and seating for staging concerts and festivals, a large playground, picnic area and barbecue facilities, new parklands, and a new boardwalk, walking and cycling trails.

The redevelopment has already received $3 million from the $100 million Tasmanian Jobs and Growth Plan, which Mr Nikolic's Labor opponent Geoff Lyons had lobbied for.

Federal Bass Liberal candidate Andrew Nikolic yesterday pledged an extra $3 million for the redevelopment which he said would create jobs and tourist interest.

``It will create a major new recreational and event space for the use of local residents and to attract visitors to our region,'' he said.

The announcement adds to previous pledges from Mr Nikolic to clean up the Tamar estuary.

North Bank Committee chairman Tony Peck said the council would soon vote to release the redevelopment concept to the public for feedback.

He said the open space would draw mobile cafes and other portable businesses.

Acting general manager Rod Sweetnam said the development would be on the wet side of the levee bank system so any permanent infrastructure would need to be flood-proofed.

He said the relocation of remaining North Bank business Boral to an appropriate alternative site was being negotiated.

Mr Sweetnam said Boral's presence on Lindsay Street would not affect the redevelopment's start date.