The Crown Estate has been looking with great interest at the North Devon harbour, in its role as custodian of the country's coastlines.
It has been considering a design which will not only kick start the regeneration of the town, but will be the catalyst for a massive boost to the local economy.
The Crown Estate has met with North Devon Council — owners of the harbour — within the last month, to discuss the possibilities of the trail-blazing expansion plan.
Still in its embryonic "on paper" stage, the scheme has been drawn up to include berths in the inner and outer harbour and a barrage with a lock system, to protect berthing vessels and maintain a half-tide water level within the harbour.
It also makes room for the commercial fishermen's quay on the southern side — an initial proposal favoured by the district council.
And the most vital aspect, as far as partner organisations are concerned — the northern breakwater — a crucial piece of infrastructure which will allow a car ferry service and visiting cruise ships to dock, as well as boarding points for the Waverley and Oldenburg passenger ships.
The development would be a massive step forward for Ilfracombe, which has been weighed down by a flotilla of feasibility studies in recent years, frustrating the community which sees little action taking place.
And unlike commercial developers the Crown Estate takes a philanthropic, long term view, and is unlikely to be looking for an immediate return on their investment.
District councillor Paul Yabsley is also chairman of Ilfracombe's Harbour Board. He said: "The Harbour Board is currently in very early negotiations with a potential developer for a very comprehensive development for the harbour.
"We are very excited about it, but it really is too early to count on it, until we get much further down the road.
"There will be huge financial obligations to take into consideration, but we are rising to the challenge. If this comes to fruition, it will regenerate the town in one fell swoop."
Ilfracombe harbour master Rob Lawson said: "I'm very excited about any potential developer who may have a long term plan for the benefit of Ilfracombe and the Crown Estate is one of the big players, so it's just what we need."
Town and district councillor Paul Crabb said: "For 20 years this development has been talked about, now, at last here is the Crown Estate, an organisation with the resources to turn this dream into reality."
A spokeswoman from the Crown Estate would only confirm that they had met North Devon Council – as adjacent landowners — to look at the council's plans in their capacity as owners of part of the foreshore and seabed, where some of the work would be carried out.