For years, boats at the Seaport marina have been impacted by the silt and the mud in the Tamar River.
Dredging and raking programs have helped short-term, but have had minimal impact long-term.
Developer Errol Stewart purchased the marina after the 2000 Sydney Olympics, bringing it to Launceston where it has remained prominently on the river since.
The Seaport area has become a community hub - with cafe's and restaurants, tourism businesses and the popular Riverbend Park just over the bridge.
With boats continuing to get stuck in the silt and the mud, Mr Stewart has developed a $4 million proposal for the future of the Seaport marina.
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"The proposal I have put forward I have considered previously a number of times, however this time the proposition makes much more sense," he said.
"The marina currently has around 80 berths, of which the inside 20 are rarely used, or if they are we provide them free of charge as they sit on the mud every tide."
As it currently stands, as the mud builds up, part of the marina sits on the mud bank and the balance sits in the water.
"After a period, the marina starts to crack under the pressure, and eventually will break in half at the point where the mud and water meet," Mr Stewart said.
"To keep water under the marina we either dredge or rake - dredging is very expensive, raking has essentially been banned."
Mr Stewart has put forward a plan to the City of Launceston and state government for a new look Seaport marina.
"Alternatively, as we are now proposing, we remove all of the marina that sits on the mud - approximately 46 berths," Mr Stewart said.
"We replace 18 along the western end of the boardwalk in front of the houses - a net loss of 28 berths."
Mr Stewart said it was "very important" for the people of Launceston to know that the proposal will not be moving the existing marina any further into the river, just extending it along.
"The downside to this move is that behind the marina at low tide will be a large, very unsightly mud bank," he said.
"So the proposal is to infill this area with a large promenade.
"This new deck would be a public space, and have seating, lighting and landscaping built from the same material as the existing boardwalk."
Mr Stewart said he saw the space being used for a variety of activities - including performances and food festivals.
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"I think it adds great value to the Seaport and improves its amenity," he said.
"It will be a very functional space and an important asset into the future."
The proposal is currently in front of the council and the government.
"We need approval not just from the regulators, but the people who own houses at the Seaport," Mr Stewart said.
"It's important that the people of Launceston like the proposal as well - it's theirs at the end of the day, not mine."
The project's success relies on the support and funding from both levels of government.
"We will pay to move the marina, but we need their funding for building the boardwalk," Mr Stewart said.
"I hope they see the value in having the beautiful asset it's going to be."
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