A number of agencies and people have been invited to be on the taskforce including South Coast MP Shelley Hancock, Kiama MP Gareth Ward, Shoalhaven City Council, Department of Regional NSW, Department of Planning, Industry and Environment, NSW Health, NSW Land and Housing Corporation and Transport for NSW.

The group will work to ensure activities are coordinated and aligned to existing works already underway, including the new Nowra Bridge.

The taskforce will examine opportunities for strategic development, appropriate planning controls to facilitate investment, affordable housing and social infrastructure requirements, traffic flow and funding opportunities.

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Minister for Local Government and South Coast MP Shelley Hancock said now was the time to get on with the job of revitalising the riverfront.

"For years we have been stuck in a quagmire of go no-where conversations - the time for talking is done," Mrs Hancock said.

"With the construction of the $342 million Nowra Bridge, we have a clear window of opportunity to create an iconic gateway to the Shoalhaven.

"That's why I'm bringing every key stakeholder together to get on with the job of finalising a plan, working with council to consult the community, working with government around funding opportunities and finally redeveloping the riverfront."

Member for Kiama Gareth Ward said there was no doubt that the redevelopment of the precinct will deliver a thriving community, tourism and recreation hub for the Shoalhaven.

"The Shoalhaven River is one of the most underutilised natural assets in our region. We have a unique opportunity to develop a vibrant waterfront that generates jobs and promotes greater access," Mr Ward said.

"I know there is strong community support for the activation of the riverfront which is why I look forward to this work being progressed in joint partnership between state and local government."