Government approval has given for project team to be created to draw up a plan for massive redevelopment of the Irish Steel site in Cork.
The plan, with an estimated value of several hundred million euro, would be along similar lines to that used to regenerate the Dublin Docklands.
Minister for Enterprise, Trade and Employment Micheál Martin said he expects the plan will lead to an authority similar to the Dublin Docklands Authority being establishment.
Hi Department is leading the project team, which will include representatives from Department of Defence, the Department of Communications, Marine and Natural Resources and the Department of the Taoiseach.
"The project envisaged for Haulbowline would be among the largest projects in the State since the development of the Financial Services Centre in Dublin," he said.
"This 44-acre site has the potential to be the most attractive waterside site in Europe. Haulbowline has unique attractions including the National Maritime College and the UCC Marine Research Centre," he added.