A MULTI-MILLION-pound project which will transform the town centre of East Cowes on the Isle of Wight is due to be unveiled later this month.

A public exhibition outlining the three phases of the scheme that will reshape one of the gateway towns to the Island over the next 15 years will take place in East Cowes Town Hall from February 24 to 26.

The huge scheme will see the creation of a new town centre, a 320-berth marina and the re-siting of Red Funnel's ferry terminal, and is expected to create hundreds of new jobs.

Phase one of the project, which is due to take place over the next five years, will see the temporary relocation of Red Funnel's marshalling yards from the town centre, which will be redeveloped with a hotel, housing and shops.

A new town square is also set to be built with traffic diverted to make the town centre more pedestrian friendly.

Phase two of the scheme - likely to take up to ten years - will see East Cowes' waterfront redeveloped at the former GKN site - now named Venture Quays and home of Ellen MacArthur's Offshore Challenges team.

The area will be redeveloped as a boat fitting and repairs yard and will also be the home to a maritime heritage centre and boat museum.

The final phase of the master plan will see the Red Funnel marshalling yards relocated to reclaimed land north of the town centre.

The project is being overseen by the South East of England Development Agency (SEEDA) and the Isle of Wight Economic Partnership (IoWEP).

SEEDA development projects director, Peter Cusdin, said: "The East Cowes Project offers a unique opportunity to regenerate the town and put East Cowes back on the map.

"It should improve the local economy and make a significant difference to the performance and perceptions of the town."

IoWEP managing director Mike King added: "This is an exciting phase for the initiative. It has been more than two years since the IoWEP broached the idea with SEEDA and the Isle of Wight Council.

"It's great to see the first development plans coming through. This initiative is beginning to create a real buzz with potential investors to the whole of the Isle of Wight."