Fort Lauderdale’s aging Las Olas Marina is about to undergo a multimillion-dollar renovation after a City Commission approved plans earlier this month.

Suntex Marina Investors entered into a 50-year lease with the city on July 9 to develop and operate the city-owned space at 151 Las Olas Circle, north of the bridge over the Intracoastal.

The marina will include 68 boat slips capable of handling vessels up to 250-feet and two buildings – a 11,231-square-foot, two-story high-end restaurant and a 24,401-square-foot, 3-story marine services building containing another restaurant, dockmaster’s office, ship store, offices, a rooftop gym and a swimming pool.

The project is expected to cost more than $150 million with the city contributing $70 million in redevelopment money to create waterfront and beach access, a park, new parking facilities and renovate sidewalks.

“We are eager to begin redevelopment,” said David Filler, head of Florida investments for Suntex, in a press release. “Our plans for Las Olas that have just been voted on by the City Commission are designed to give our guests the highest-quality experience, while providing the greatest possible benefit for the community. There is nothing else like it. We are so grateful of the residents and elected officials of the City of Fort Lauderdale for their continued support.”

Some residents fought the project because of Las Olas Marina because of concerns over traffic. City officials believe the new parking facilities will reduce some of the issues. Suntex’s initial bid to run the marina was selected in 2016 and signed by the city in May 2018.

Though the project will cater primarily to yachts, there will be slips in the marina for high-performance and center-console boats.

“Las Olas is located at the epicenter of the yachting capital of the world,” said Bryan Redmond, president of Suntex. “The entire Suntex team has a steadfast determination to be responsible stewards of sustainable, inclusive and conscientious communities. We look forward to applying that same high standard to Fort Lauderdale that we hold for all of our properties across the country.”

Suntex operates 45 marinas in the United States from California to New Jersey.