Work undertaken through Te Pūwaha will include replacement and repair of 400 metres of wharves and building onshore infrastructure to support commercial activities.
Project partner Horizons Regional Council has primary contractor Mills-Albert Limited on board and rocks are being delivered to the stockpile site at Morgan St for the upgrade and repairs to the North Mole.
Q-West boat builders, another Te Pūwaha project partner, are preparing their new site for building and eventual relocation.
"The old Tod Street silos have now been removed and this has really opened up the space down at the wharves," Q-West managing director Myles Fothergill said.
"This is where we'll establish our purpose-built facility, which will include a 330-tonne vessel hoist.
"I see huge potential for marine industry growth in the Wharf 3 area and look forward to seeing development underway in Wharf 2."
The council and other Te Pūwaha partners are working with Whanganui iwi hapū collective Te Mata Pūau in a co-management approach.
There are a number of specialists engaged, with guidance from planners Mitchell Daysh, to inform the project partners' decision making and consent application. On-site sampling and investigative works are underway.
They include sediment testing, looking at what may be living in the sediment.
The specialist team also includes an archaeologist, who will examine the site around the Victory Shed and add to an extensive report commissioned before deconstruction of the Red Shed.
The insights gathered will help inform Te Mata Pūau and the council about potential items of cultural and biological significance so these can be considered in upcoming discussions with Whanganui hapū and the wider community around sediment management.
"Te Pūwaha is aimed at securing the Whanganui port as a community asset and our way of working to get there is collaborative," Te Pūwaha project director Hayden Turoa said.
"In addition to our discussions with hapū, there will be more community engagement opportunities to come as part of the port revitalisation."