The bid covers about 16 miles of waterfront
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Two of the most deprived towns in the region - Lowestoft and Great Yarmouth - are to launch their regeneration bids.
In Lowestoft, the Urban Regeneration Company launched on Thursday will focus its efforts on Lake Lothing, the Fish Dock and Ness Point.
In Great Yarmouth, North Quay, Cobholm, Southtown, South Quay, South Denes and Runham Vauxhall have been selected.
Lowestoft and Great Yarmouth account for 25% of all unemployment in Norfolk and Suffolk.
1,500 acres
Both towns have suffered employment decline and have major areas of riverside which are scruffy and run down.
The bids cover about 1,500 acres, mainly of industrial land which can be developed and 16 miles of waterfront.
Around 130 delegates, including representatives from local authorities, businesses and education institutions, are expected to attend the launch at Potters Leisure Resort, Hopton-on-Sea.
The town's Urban Regeneration Company is funded by the Regional Development Agency and Great Yarmouth, Waveney, Norfolk and Suffolk local authorities.