The redevelopment of the Basin started in 1983 as part of the London Docklands Development Corporation's overall masterplan for the Docklands area. However, it took many years for the scheme to come to fruition. The property boom and bust of the 1980s set back progress considerably, as did the construction of the Limehouse Link tunnel which was built under the north side of the basin in the early 1990s. By early 2004 the majority of the once derelict land surrounding the basin had been developed into luxury flats.