In this paper, design, re-design, and performance of a long-standing very deep excavation, which was originally planned to depth of 38 m, are presented. Over-digging was not planned in the original design, thus the reassessment was performed. Two main topics were followed: deepening to increase the maximum depth of an existent excavation from 38 m to 42.5 m, and feasibility for upgrading a predesigned support system from temporary to permanent support system. The geological investigations in the project site illustrated a type of stiff and cemented coarse-grained alluvium. An observational approach with additional geotechnical investigations and in situ tests was applied. Back analyses of stability of an unsupported access ramp, as well as deformation monitoring of walls, were used in order to review geotechnical design parameters that represent the full-scale behavior of the ground. Additional nails and soldier piles together with building mat foundation were implemented as a complementary lateral support in the retaining system. From an engineering point of view, by assuming a corrosion rate of 0.065 mm/a for existent rebars, according to chemical and electrical resistivity tests, the long-term performance of the revised retaining system was verified by static and pseudo-dynamic ultimate limit state analyses. Performance monitoring during the construction shows that the measured deformation is in the lower limit of the prediction.