Wheeling’s waterfront may be the most untapped asset in the community’s economic development toolbox. City officials are right to consider carefully thought-out improvements to land along the Ohio River.

To that end, a plan for the approximately one acre city-owned lot on the Wheeling Island side of the historic Suspension Bridge was unveiled Wednesday.

City officials envision a $1.9 million project. It would include landscaping, a small plaza, a “history walk” and a boat dock with a kayak launching area. The work would be accomplished in six phases.

A good start in raising money for the park has been made, with the announcement that the Fitzsimmons Family Foundation has donated $150,000 to the project. City officials hope to obtain the remaining money through other private donations, along with state and federal grants.

Relying on outside funding can be a risky proposition, of course. But city officials have been wise to plan the project in six phases. The first two, including establishing “green space,” stabilizing the riverbank and installing the dock and kayak launch facility, are expected to cost about $275,000. That seems achievable and, if for some unforeseen reason funding dries up at that point, the park still would be an important improvement.

A substantial number of communities, both on seashores and inland waterways, have reinvented themselves by focusing on waterfronts. Doing so would be no magic wand for Wheeling — there is no such thing, in reality ­– but it would be an excellent strategy.

Here’s hoping city officials are able to round up enough money to make what is being called the “Gateway Park” a reality. It is a good idea, worth pursuing.