SACRAMENTO (CBS13) – It is a case of re-build it and they will come, Sacramento leaders hope.

The City of Sacramento is holding a competition to redesign the Riverwalk in Old Sacramento.

The Idea Makers competition is an effort to infuse new energy and a vibrant ambiance into the city’s iconic waterfront.

City leaders say it’s important to preserve the area’s historic past while looking towards the future. They are looking for designs that bridge the gap between the water’s edge and the ever emerging city.

Assistant city manager Michael Jasso says it’s time to put fresh eyes on Old Sacramento and its surrounding assets.

“Great rivers kind of define great cities all over the world, and we simply want to ensure – and we think there’s an opportunity to ensure – that Sacramento is one of those places,” Jasso said.

The challenge is for firms or teams to participate in a qualifying round. Then five teams will be picked to generate imaginative concepts that will pump energy and ambiance into the waterfront and create a cultural urban experience.

Participants will receive $10,000 each to design their concepts.