Since 2000, the basin has been the centre of a major redevelopment as part of the wider Paddington Waterside scheme and is surrounded by modern buildings.
The contractors of a developers' consortium in partnership with the Canal and River Trust (and its predecessor British Waterways) in 2000 drained, cleaned and repaired the basin.
In the latter half of the 20th century the basin attracted small and medium-sized commercial offices and is in part lined by specialist and private healthcare wings of St Mary's Hospital.
[1] The Richard Rogers Partnership originally designed the latter as three towers of 24, 32 and 40 floors rising to 164m, but the planners imposed a height limit of 100 metres (330 ft).
[2] The revised scheme comprised six linked blocks of 30 storeys totalling 860,000 sq ft (80,000 m2) of mixed-use space,[2] but the project was discarded when it looked like the site would be needed by the Health Campus (see below).
[3] The Health Campus scheme collapsed in 2005 and in February 2006 the Paddington Development Corporation – which became European Land and Property Ltd – submitted a new planning application.