The make-over plans will see the area along East Pier to Sandycove transformed into a "world-class" tourist attraction.
Two competing designs have been presented to councillors at a private local authority meeting.
The most expensive option, at a cost of €129m, would encompass a lagoon beach and a pedestrian bridge adjacent to the East Pier. This plan also envisages an aquatic play area at the old public baths site, along with a civic space comprising a restaurant and spa.
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A 500-space underground car park is also included in the plans to cope with the envisaged influx of visitors.
The cheaper option, costing €92m, includes a new promenade and sandy beach from the East Pier to the Newtownsmith area - entailing the construction of offshore and shore-connected breakwaters approximately 250m out to sea.
The design also entails a face-lift for Sandycove Park which would feature a new water sports centre.
Both concepts would necessitate the reclaiming of one and a half acres of land from the sea and massive construction work would need to be undertaken.
Both will be presented for public consultation.
(VB/JM)
