Due to rapid growth of urbanization and economic demand, we are continuously losing our fields, our free lands, open sky, ponds, lakes; actually our breathing spaces. Sometimes for zoning policies, migration or transferal of a particular business or activity, a place like waterfronts, body of water, military or industrial sites can lost its importance, kept vacant and become a dead place. These are all called lost spaceS in urban context. Renewal of the lost spaces might open up the new visions. This paper will discuss about one of these lost spaces; an urban water body and its renewal process. Under a proper design and guidelines method, a lost water body might open up the new opportunities to make the urban life more sustainable; where architecture, landscape and water can build up a synthesis. We can achieve social equity, economic progression, environmental education, vegetation as well as a breathing space for locality.