The City of Saskatoon has revealed its $2.8 million plan to fix a slope failure causing massive cracks in Saskatchewan Crescent between 16th and 17th Streets.

Since spring 2016, residents of Saskatchewan Crescent near the University Bridge have been watching the road in front of them slowly sink away into the riverbank.

A huge dip in the roadway split the street in two, with one part of the street sitting about three metres higher up than the other.

The damage led to a road closure to all traffic along Saskatchewan Crescent East. Slumping also closed a portion of the Meewasin Valley Authority trails and the sidewalk along the east riverbank.

These images from the City of Saskatoon show the deepening slump on Saskatchewan Crescent. (City of Saskatoon)

Based on a plan by engineers Golder Associates Ltd., the city will build a 44-metre retaining wall with horizontal drainage.

That part of the project is scheduled to take about five to seven weeks to complete, with construction to begin around mid-August. Revegetation and repaving will not be completed until 2017.

The plan also includes measures to repair damaged sections of Meewasin Valley Authority trails.

Transportation and utilities general manager Jeff Jorgenson said the city last week held an open house for affected residents of Saskatchewan Crescent.

Part of Saskatchewan Crescent has been blocked off near the riverbank in Saskatoon. (Don Somers/CBC)

"What we're expecting is that when we're done this work it is, for all intents and purposes, a permanent solution," he said.

"Once this work is done we're not expecting to have any more slope stability issues at this particular site."

Although he could not guarantee slope failures would not occur at other locations, he said the city had a riverbank monitoring program.