Fresh look: An artist's impression shows the future two-storey block for accommodating wet market shops.

The Urban Renewal Authority will adopt tactical measures to keep the century-old market near the Peel Street/Graham Street intact and to enhance its vibrancy, authority chairman Barry Cheung says.

Mr Cheung told the media today the community has called for extra efforts to revitalise the market because of its long history and significant local character.

The measures, he said, are targeted to retain the market's business during the redevelopment project, to prevent it from shrinking, and to improve the living environment of residents in dilapidated buildings.

Works will be conducted in stages to reduce inconvenience to market stall operators and users. Safety hoardings and decorative protection will be erected only on either side of the streets at any one time.

Affected operators can continue their operations until actual construction or demolition takes place. Market-related wet provision shops will also be temporarily relocated within the redevelopment area.

On project completion, shop operators will be given accommodation priority in the two-storey retail shop building at market rent. About 300 square metres are reserved for hawker stall operators who need to rent additional goods storage space.

To improve the area's traffic flow, there will be no residential carpark for private cars. Only one basement carpark will be provided for loading and unloading activities.

The proposed phased development will lengthen the redevelopment by up to 18 to 24 months, and raise the cost estimate to $4 billion, up about $200 million. The authority will hold a public forum in early August to gauge the community's views.