Plans for a 260-berth marina with 450 new homes, cinema, hotel and possibly a casino in Pembroke Dock are being opposed by conservationists.
The Royal Society for the Protection of Birds (RSPB) says the Martello Quays scheme may harm wildlife habitats.
But supporters of the project, which is going before planners, say measures will be taken to protect the area.
They say if approved it will create hundreds of new jobs and generate over £10m annually for the town's economy.
The RSPB has written to Pembrokeshire Council's planning committee objecting to the development which it says may damage the Milford Haven Waterway - part of which has been made a site of special scientific interest (SSSI).
It says the loss of mudflats and eelgrass beds could affect otters and wading birds.
But the Countryside Council for Wales said the measures proposed by the developers would protect the SSSI.
The plans have also been opposed by 63 people in the county on the grounds it would increase traffic, block the views of some existing properties and was too large in scale and density.
Plans for the site, opposite Neyland on the Cleddau Estuary between Hobbs Point and the ferry terminal to Ireland, were first unveiled in 2004.
It is named after the nearby Martello Tower built to defend the town in Napoleonic times.
Planning officers are recommending the plans are approved.
A report going before Tuesday's meeting states there would be "considerable regeneration benefits" and that "the proposal is a key part of the development and regeneration strategy for Pembroke Dock."
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