Since the decline of industry in the area, it fell derelict until a programme of urban renewal was introduced in the 1970s. In the ensuing years, amid a slew of grants and the establishment of Castlefield as a conservation area in 1980 and an Urban Heritage Park in 1983, money was pumped into the area in order to create a unique, vibrant residential community, a progressive economy and provide a healthy tourism base focussed on the historical nature of the area. This was largely sparked by the location of the North Western Museum of Science and Industry in the old Liverpool Road Goods Depot.

Thus Castlefield was transformed into the eclectic modern community it is today. Now, nearly all of the old buildings have been either renovated, restored, or converted into apartments or stylish office suites, and sweeping cobbled promenades swirl around pleasant pubs, attractive cafes, and open areas such as the Outdoor Events Arena given to markets, craft fairs, exhibitions and street performers. The canals remain and allow annual canal boat festivals, where prettily-painted canal boats from the surrounding counties converge in the basins of Castlefield for a good old-fashioned party.

Castlefield is located in the southwest of Manchester city centre, and is well served by numerous nearby hotels. Getting there is easy, being slap bang in the middle of the city, by train, tram, bus, or car, or on foot.