Located at the end of Mill Point Road, Millers Pool is part of the Old Mill Precinct project, which has been in the planning development stage for about eight years.
Last year, councillors were presented with a plan for the development and while they favoured the plan, disliked its $5.8 million price tag.
Endorsed at the September council meeting, the new plan costs $3 million.
Council also resolved that the concept plan go out for community and stakeholder engagement.
The plan for the area, which is across the river from Elizabeth Quay, included retention of significant trees, stormwater management, pedestrian access and cycle paths.
The plan also proposed areas of native samphire plant species, which are already evident on the site.
The City has allocated $2.5 million in its long-term financial plan.