In 1999, the engineers Ove Arup and Partners undertook a feasibility study for a bridge downstream from the Monnow Bridge, but the scheme was not progressed at that time.[71] Both the County and Town Councils remained committed to the construction of a new crossing to support the economic development of the town, and in 2003 local authority funding of £1.3 million was secured and construction commenced.[72] The new bridge opened on 15 March 2004 for local traffic, allowing the old bridge to become pedestrianised.[73][74] The closure to traffic also enabled a significant repair programme to be undertaken, in part funded by the Welsh Government and the European Union.[75] After further conservation and repair, the gatehouse was formally re-opened in 2014, allowing public access on one day per week.[76]