A park and art gallery could be built beside a former quay.
West Norfolk council hoped a developer would build housing on part of the Boal Quay, in King's Lynn.
But now it appears to have abandoned the idea, according to the minutes of a closed meeting.
They document a report by Elizabeth Nockolds, the authority's deputy leader, to a meeting of the council's ruling cabinet on September 24.
"She explained that initially it had been suggested that residential
development take place, but this was now considered to be unviable," the minutes say.
"A further option to develop the area as a gallery and public gardens had now come forward."
As yet, no more detail of the plan has been revealed, other than it would transform the Ouse waterfront into "a vibrant river edge quarter threaded into the fabric of the existing town".
Council officers are set to try to trace the owner of a large derelict barge which was abandoned after the 2013 storm surge, the discuss its removal.
Full council will decide whether to proceed further with the plans when it meets on Thursday.
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