The Great Grimsby Ice Factory Trust has proposed a mixed use cultural and commercial future for the ice factory to benefit the local community.
Several options were researched and investigated over a six month period, resulting in a framework proposal ready for further development.

Key points in the proposal include the preservation of the the building and the machinery contained within it, the establishment of an international standard art gallery, the provision of commercial, conference, training and meeting spaces, and the provision of additional events, leisure, cultural and dining opportunities.

These uses are intended to support and complement each other and bring jobs, learning opportunities, work placement/apprenticeship opportunities, and provide a focus for the regeneration of the Grimsby Docks, Freeman Street and the East Marsh.

The capital costs for the total final project are estimated to be around £12m, which will be raised from public, private and charitable sources.