After years of planning, work to make Bury Mount a focal point for tourists and local residents has started and could be complete by the end of the summer.
Experts believe Bury Mount is what is left of an 11th Century Norman castle constructed with a large mound or motte surrounded by a ditch and outer wall or bailey.
Those behind the project hope the new public open space, linked to the adjacent Watermeadows recently acquired by South Northants Council, will be used for a wide range activities from picnics to concerts.
This new green space will also create a learning opportunity for schools and history enthusiasts.
The restoration of the mount, which is a scheduled ancient monument, is an part of the larger Moat Lane regeneration project backed by South Northants Council, West Northants Development Corporation, East Midlands Development Agency, Northants County Council and Northants Enterprise Ltd.
SNC's portfolio holder for the environment, Councillor John Townsend said: "This is a really important moment for Towcester as the first stage of an incredibly exciting project is now under way.
"We are looking forward to opening the new green space later in the year and inviting the community to come and share in the achievement."
Whiting Landscape Limited has been contracted to undertake the ground works, restoration and landscaping and will continue throughout the summer.
Signs are due to put up around the site with more details of the project.