According to a paper submitted to the Legislative Council, the project will span 24 hectares, 58 percent of which will be on land.
As outlined in the 2024 Policy Address, the project will feature berthing facilities on the waterfront to promote yacht tourism.
At the heart of the new development will be a new 7,300 square-metre platform near Salisbury Road, which will house an indoor bus station. The plan will see the current open-air public transport interchange relocated.
To make the area more walkable, officials proposed enhancing the covered walkway to the Coliseum and upgrading footbridges connecting to East Tsim Sha Tsui and PolyU.
A new elevated covered footbridge will allow residents to reach the waterfront within 10 minutes from Hung Hom Station.
The bureau also plans to develop one mixed commercial-residential building on the waterfront, along with 64,600 square-metres of retail space, which would include hotels and offices.
Meanwhile, a proposed housing development near the water will provide some 1,300 private residential units.
The bureau aims to begin statutory procedures for the project in the second half of next year, with the first phase of development expected to be completed within a decade.
