The regeneration of Cardiff Bay was undertaken to create a complementary mix of housing, open space, commerce, leisure and industrial development. The total estimated cost of the scheme was £2.4 billion, with a public/private leverage ratio of 1:2. That is, the government funding was expected to attract double the investment from the private sector.
Some of the significant achievements of the project included the construction of a Barrage across the mouth of the Bay to create a 200-hectare freshwater lake; new homes, such as those at Atlantic Wharf; and new offices, including Crickhowell House, now the home of the National Assembly for Wales.
The development also created commercial and leisure facilities, such as those at Mermaid Quay on the waterfront, and the Atlantic Wharf Leisure Village (now known as The Red Dragon Centre). Many jobs were also created by the Regeneration Project.
The Development Corporation was formally wound up on 31 March 2000. It was estimated that it had achieved the following: