Russell Goodway is 'confident'

But despite the festivities some big projects within the massive £200m redevelopment scheme remain on the drawing board - like the sports village which is due to be built on a peninsula of land between the bay and the river Ely.

But Cardiff's Lord Mayor Russell Goodway is convinced that the village will be completed.

He said: "I must say that I am becoming impatient, the council really needs to start moving that project forward.

"But I am confident that we will be able to secure the swimming pool in phase one the snowdome in phase two and the arena in phase three.

I think the retail units and the shops are holding back until there is enough people down here

Restaurant owner, Iestyn Evans

"I mean it's a 5 year project but we need to make a start."

But it is not only the lack of a sports village which indicates that the bay is not totally completed - in fact the barrage itself is still not really finished either.

And in the newly developed Mermaid Quay several 'to let' signs still hang over vacant office and retail outlet units, suggesting that the project has been slow to take off.

Tide turns

However Iestyn Evans owner of Izakaya a Japanese restaurant in the Quay says he is sure that the tide will turn in the near future.

He said: "I think the retail units and the shops are holding back until there is enough people down here.

"But it is not a long way off, the whole bay itself is perhaps only another two years until it comes into its own.

"We will see an incredible number of people down here I'm sure."