Developers have promised to spend £100 million on transforming Brighton Marina from a "white elephant" into a resort to rival Monte Carlo.

We have been given an exclusive sneak preview of the plans which Parkridge Developments believes will remedy 23 years of wasted potential.

The 125-acre marina was opened by the Queen in 1979. But attempts to revitalise the site with new homes, leisure and shopping features have been blighted by legal wrangles, bankruptcies and broken promises.

Parkridge managing director Philip O'Callaghan said: "Until now, 'white elephant' is probably the kindest thing anyone has said about the marina.

"But with its seafront location, so close to one of the most buzzing city centres in the UK, the potential here is staggering. We can compete with the most attractive places in the world."

Since paying £10 million for the marina's commercial properties in 1998, Parkridge has invested a further £25 million.

Rendezvous casino was opened in February, becoming the largest casino in the UK.

The Brighton Walk Of Fame is due to be unveiled next month, a series of plaques commemorating 100 Brighton celebrities and organisations.

Olympic gold medallist Jayne Torvill has been lined up to officially open an ice rink, which will be available from December 1 to January 5.

But the main focus of the past four years has been the new Waterfront building, due to open at the end of next month.

The ground floor will be filled with 18 designer outlet shops, offering famous name products at substantial discounts.

The first floor will house ten bars and restaurants, due to open in March and April 2003.

The upper two floors will be the home of Hotel Seattle, a 70-room boutique hotel due to open on January 20.

Mr O'Callaghan believes the Waterfront building will complement the city centre, while providing a "more relaxed" alternative to the city's "hustle and bustle".

Shoppers currently have to travel to Portsmouth or Ashford in Kent for designer outlets.

Mr O'Callaghan said: "No two units will be the same. We want to provide as much choice as possible. That has been lacking in the past.

"We want people to come down here at nine in the morning on a Saturday and not leave until 11pm that night."

Over the next five years, the developers want to totally reshape the gateway to the marina.

At the moment visitors can only gain access via ugly concrete ramps and are welcomed by a drab multi-storey car park. That area will be rebuilt and hidden from view.

Mr O'Callaghan believes many of the open spaces within the marina are wasted.

He said: "At the moment, in most parts of the development you would be hard pushed to know it was a marina - apart from the wind."

The first designs for the Waterfront building threatened to repeat the mistakes of the past, by facing away from the sea.

The plans were revamped, however, to make the most of the impressive sea views.

Walkways alongside the shore have been widened so the new bars and restaurants can offer plenty of open space facing the water.

A similar approach is being planned for the next stage of work.

A new two-storey shopping centre has been earmarked for a redundant space in Village Square, behind the buildings.

The look of the marina's buildings will also be entirely revised.

Mr O'Callaghan wants them to feature predominantly steel and glass, rather than ugly concrete.

He is dismissive of the architectural appearance of most of the marina's buildings, describing them as "little better than you would see in the opening credits of Brookside".

His new vision imagines a series of innovatively-shaped buildings, including galleries and community centres.

The investment will also go towards improving paving, street furniture, lighting, public art and enhancements to pedestrian and cycle access.

Around 250 new homes will be built, ranging from one-bedroom low-cost flats to six-bedroom luxury penthouses. These will add to the existing 1,000 houses and flats in the marina.

One key to the marina's future is a proposal to install a monorail, linking the new development with the city centre.

Developers back the scheme but the huge project is some time away yet and is considered by many to be little more than a pipe dream.

But the ability to park easily and an increasing number of bus services could draw frustrated shoppers away from the city centre.

The development of Brighton Marina began in 1962 when garage owner Henry Cohen dreamt up the first plans.

An Act of Parliament in 1968 gave the go-ahead for a harbour to be constructed from reclaimed land. Building work began three years later.

Planning permission for shops, offices, flats, a car park, hotel and leisure centre was granted in 1975.

But after the marina's official opening in 1979, development was bogged down by disputes between developers Barratt and landowners Brent Walker.

The owners wanted all housing to be aimed at the upper end of the market, while Barratt believed there was scope for more affordable properties.

The economic recession of the early Nineties led to Brent Walker going bankrupt, owing £100 million.

But Parkridge chiefs are confident they can avoid past pitfalls.

Mr O'Callaghan said: "We've put our money where our mouth is. The £25 million has been a speculative investment.

"Four years ago we would have been laughed out of Brighton if we tried to get the tenants we're reaching out to now.

"We have spent more money on the new buildings than we had to. But we wanted to create something of real quality.

"Even if people don't have a drink or meal here, we want them to think: 'This place is beautiful.'"

Around 40,000 shoppers pass through the marina's Asda store each week, while the David Lloyd leisure complex has more than 3,000 members.

The marina has five million visitors a year. The new proposals aim to bring in another three million, and create 1,000 jobs.

If they get the go-ahead, the marina will continue to be disfigured by construction work over the next five years.

Mr O'Callaghan admitted: "Unfortunately there is no pain without gain."

Although the firm has its head office in London and another base in Birmingham, Brighton Marina accounts for more than half its property.

Mr O'Callaghan said: "I see Brighton Marina like a phoenix emerging out of the ashes. For years it has been smouldering, now people will get to see the beautiful bird emerging."

The proposals will be put out to public consultation, starting with an exhibition in the marina's marketing suite from 10am to 5pm on November 8 and 9.