The council plans to develop and enhance the lower River Tawe
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Plans to develop along the banks of the River Tawe from Swansea marina to the Liberty Stadium have been given the go ahead by the council's cabinet.
Hundreds of new homes and businesses, along with a riverside walk and cycle path are part of the plans.
But conserving points of historic interest such as the Hafod Copperworks site are also part of the proposals.
Leader Chris Holley said the aim was to create an "attractive and vibrant" area for people to work in, visit and live.
He said it would link the SA1 and Swansea marina developments with the retail park and stadium two miles up stream.
Planning permission has already been given for more than 550 riverside flats and town houses on the Addis factory site in the shadow the Liberty Stadium.
Other areas the council wants to see developed include Upper Bank, Pluck Lake and Morfa Road.
The development brief which the cabinet adopted on Thursday is aimed at providing planning guidelines for potential developers.
Currently much of the river bank, sections of which are inaccessible to the public, is either scrubland or home to run down or derelict industrial buildings.
Councillor Holley said: "It's marvellous that the historic former centre of Swansea's industrial power will become a regeneration area of some note.
"Our strategy will add life to a river that had become lifeless."