Rob Rimmer, of urban regeneration company West Lakes Renaissance, told residents at a Mossbay neighbourhood forum meeting about plans to improve the area from the shopping area by Halfords to the old Corus site.
He said it could potentially create 2,000 jobs with new retail and office space opportunities.
On either side of Derwent Howe, private companies want to develop the former Corus site and the port area. But West Lakes wants to make sure the middle area is tidied up too.
Eatonfield wants to open up the sea view and create a promenade with one- or two-bedroom flats. They are also expected to include affordable homes, a hotel, leisure facilities, a day care children's nursery, a care village for the elderly, a medical clinic and health centre, conference centre, pub and car parking.
Rhymer Investments Limited wants to create the Port Derwent development including a marina with houses, shops, a hotel and restaurants and an eco park with a massive waste recycling facility.
Consultants have said the whole project will take 15 to 20 years to complete.