Former England under-17 player Clark joined the U's on loan in March last season, making nine league appearances for Shaun Derry's side.
The 20-year-old has yet to play a game for Hull's senior team.
"Max made a huge impression on us all last season, with not only his performances but his appreciation and appetite for our club," Derry said.
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Popular attraction Waterhead, on the northern shore of Windermere, is home to a ferry pier, hotels and cafes.
South Lakeland Council has agreed proposals to spruce up the area including new seating and an information board to identify key local landscapes.
Plans also include widening part of the promenade and new bicycle stands.
Lake District National Park planners will have the final say on the development, which if approved, work could start on later this year.
League Two side Cambridge United have re-signed left-back Max Clark on a six-month loan deal from Hull City.
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Plans to give a Lake District promenade a £250,000 makeover have moved a step closer.