The first pub developed by the Waterside Pub Partnership will open at Foxton Locks on the Grand Union Canal at the end of May.
The partnership, a joint venture between British Waterways and Scottish & Newcastle Pub Enterprises (S&NPE), has been set up to develop pubs on river and canal sites.
S&NPE has invested £600,000 in the historic site at Foxton Locks in Leicestershire, which includes an outside area with decking and grass extending down into the canal basin.
Martyn Gray, S&NPE commercial director, said: "I am delighted that our partnership with British Waterways will have the pub open in time for the summer.
"We've also secured a pub lessee who shares the partnership's vision of a pub offering good food, good service and a traditional pub atmosphere for both the residents of Foxton and the visitors to the area."
Foxton Locks is one of the most popular visitor destinations in the East Midlands, attracting around 200,000 people each year.
The pub is the first of more than 100 sites which could eventually be developed by the Waterside Pub Partnership.
Pictured: An artist's impression of the Foxton Inn.