OUT of the ashes of yet another failed multi-million pound scheme to redevelop Royal Pier, Southampton has been given the opportunity to breathe new life into its once premier waterfront.

A new look-out point, maritime museum, bars, cafes, restaurants and even a luxury hotel are on the wish list of the city's business and political leaders who say developing the site will instil renewed pride in Southampton.

Whatever happens, they unanimously agree it must be open to all residents and visitors as it is the city's last remaining waterfront site.

Southampton City Council and the port bosses have already promised to look at ways of removing the remains of the derelict pier, which was destroyed in a blaze in 1992.

In its place will be new moorings to accommodate more boats in the water during the Southampton Boat Show.

They say the moorings - plus unlimited use of berth 101 during the ten-day event - will ensure the prestigious show remains in Southampton.

Nobody knows how much removing the remains of the pier will cost and it hasn't been decided if owners ABP will pay the bill, however port director Doug Morrison said the proposal was a display of the port's commitment to the city.

"It's potentially going to cost ABP a lot of money and the city must ask why ABP must pay for it? The answer is that we recognise the importance of the boat show to the city and we recognise our role within the community," he said.

"There is no doubt the pier is an eyesore and the best thing is to remove it. We must take stock, we've secured the long-term future of the boat show and let's see if we can come up with some exciting plans. That's for the council, it's not for us to do that."

However, Lib Dem Cllr Steve Sollitt said he was against demolishing the historical pier, which was opened by Princess Victoria in 1833.

"It gives you a great view of the water and also up and down the docks. It would be a shame to lose that opportunity, it's something Southampton has had for a long time, and one of the key locations on the waterfront that is different."

Southampton Partnership chair Ros Cassy said there would be a lot of interest from hotel, restaurant and bar owners to be a part of any new development.

"With the Queen Victoria down here this week there is a real sense of excitement and we must build on it. I am sure there will be a lot of interest in the site as it is potentially very attractive," she said.

"The fears of the people living in the Old Town is that their views will be blocked by flats, so any development must be sympathetic and not shut out people from the water."

The recently collapsed multi-million pound scheme would have seen at least 1,000 flats rising on the pier and land reclaimed from the seabed.

After months of talks with major developers, Associated British Ports decided the £20m cost of land reclamation meant not enough money would have been made out of the development.

The only way of making it financially viable would have been to build thousands more flats, similar to the residential-dominated marina Ocean Village, and ABP weren't going to allow that to happen because of the disruption it would cause to their port operations.

Once the boat show's future is assured the council will go back to the drawing board to look at what can be done with the 20-hectare site.

As it stands, the only redevelopment certain to happen at the pier is restaurateur Kuti Miah's new Thai eatery in the Royal Pavilion.

With the council now leading talks with developers, Cllr Smith said he too would resist the urge to transform the pier into another Ocean Village.

However, without the millions of pounds that new residential units would inject into the development, any new scheme would be on a far smaller scale.

"Frankly I don't think I would want to see that sort of residential development on the waterfront. You have to remember that people criticised the council for Ocean Village and they call that a wasted opportunity," he said.

Mr Morrison pledged ABP's continued commitment to giving the city a waterfront it could be proud of, but agreed it was time the council took control.

"It allows the city to really think about what they want to do down there, it's not good enough to just say let's put up high rise flats and that will give us a waterfront. There is a point where it does become viable if you build thousands of flats, but I don't think the solution is to turn the Royal Pier into another Ocean Village," he said.

Labour leader Councillor June Bridle said the biggest issue was reconnecting the waterfront with the city.

"It's vital that residents and visitors can see the water and watch fantastic liners such as the Queen Victoria arriving at Southampton," she said.

"That obviously comes at a price and there may have to be a residential element to the development. I am not against residential units down there, but it should not be an exclusive, locked away development that shuts out the community."

She said lessons must be learnt from Ocean Village and the development must encourage a lively atmosphere.

"There is nothing wrong with an idea of hotel, it would help bring the area to life. It must not be a dead development, it has to engage with the waterfront and show that Southampton is a proud city - at the moment the pier is not doing that."

One ambitious proposal is for a tourist attraction celebrating Southampton's rich maritime heritage to be incorporated into any new plans.

The council's leisure chief gave the idea his backing, saying it was a "golden opportunity" to provide the city with the maritime attraction that it lacks at the moment.

"The Royal Pier development must encourage people - both residents and visitors - to visit the waterfront, rather than just be for those who live there," councillor John Hannides said.

A lookout giving visitors an opportunity to view cruise liners and container ships coming in and out of the docks could be incorporated into the centre.

It is hoped some of Southampton's most famous vessels - including the Calshot lightship - would also become a permanent feature.

They say the famous red vessel - which guided vessels in and out of Southampton Water - would be an iconic floating tourist attraction moored alongside the pier.

Southampton Heritage Foundation chairman Alan Jones said: "I would love to see her by the pier with her light going once again.

"It would become a fantastic icon of the city."