Sheffield is changing rapidly as new projects regenerate some of the more run-down parts of the city. One such, the Heart of the City Project, has initiated a number of public works in the city centre: the Peace Gardens were renovated in 1998, the Millennium Galleries opened in April 2001, the Winter Gardens were opened in May 2003, and a public space to link these two areas, the Millennium Square, was opened in May 2006. Additional developments included the remodelling of Sheaf Square, in front of the recently refurbished railway station. The new square contains The Cutting Edge, a sculpture designed by Si Applied Ltd and made from Sheffield steel.
Sheffield was particularly hard-hit during the 2007 United Kingdom floods and the 2010 Big Freeze. Many landmark buildings such as Meadowhall and the Sheffield Wednesday grounds flooded due to being close to nearby rivers that flow through the city
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