Initial proposals were drawn up by Merlin, who teamed with developers Shearwater. However, Merlin pulled out of the scheme and were replaced by Rosehaugh. Rosehaugh had paid £26 million for the site in 1990. Rosehaugh revised Merlin's retail-led scheme to include more office space and a residential element. By 1992, a detailed set of proposals which included retailing and restaurants with a central square had been agreed. However, Rosehaugh went into receivership by the end of the year. Argent took over the scheme, paying £3 million to the receivers. Argent slightly amended the plans by separating the residential element from the rest of the scheme and commencing construction of the Water's Edge first, along with an office building.