New/restored Maidenhead canal?

The most common big problem with restoring old navigations is land sold of for building plots and later bridges constructed so low, preventing boats from navigating even if canal is dredged out.
The Thames Medway canal is classic example,the last 100 meters or so flogged of cheap for housing and right next to industrial and railway yards anyway.
 
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Isn't this the original dried up flood relief channel they're proposing to open up? The proposals seem to include a lock and a weir, and a circular route.
 
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