To kick off this year's Fort Lauderdale International Boat Show at Bahia Mar in Fort Lauderdale, the developers who control the property announced a $2B redevelopment they hope will catch the eyes of the superyacht shoppers descending on the area.

Related Group, Tate Capital and Rok Acquisitions rolled out their plans Wednesday for a 40-acre luxury resort and residential project, dubbed The St. Regis Resort and Residences, Bahia Mar Fort Lauderdale.

The mixed-use development is meant to evoke the ultrawealthy lifestyle of Monaco on the Mediterranean. The first phase of the project calls for two 23-story residential towers and a 197-room hotel, all carrying the posh St. Regis branding as part of a partnership with Marriott International.

Sales have officially launched, with prices for the 160 units in the two condo towers starting at $4.4M and for-sale units in the hotel building starting at $2M, according to a release. The marina, which will have slips for yachts as big as 350 feet, will offer 88K SF of waterfront retail space and a public park.

Each building is planned to have 17K SF of amenities, and residents will have access to a private beach club. Fine dining options and other retail are also set to be included in the project.

The project would replace a DoubleTree hotel. In total, the developers are approved for four condo towers on the site, Fort Lauderdale Magazine reported.

Jimmy and Kenny Tate of Tate Capital first secured the rights to develop the Bahia Mar resort 10 years ago. But after multiple development proposals were batted down, they finally secured approval for the current development plan last year. At the time, the development was expected to cost $1B, The Real Deal reported.

The three developers finalized their partnership in early 2023, collaborating with Miami-based Arquitectonica to design the project, Florida YIMBY reported.

“I never count my chickens before they hatch,” Jimmy Tate told Bisnow Wednesday. “We’ve obtained approvals through a lot of work and effort.”

Tate said the developers plan to move forward with financing when they presell close to 50% of the residences. They expect to break ground on the project in early 2026 based on the positive feedback they have received, he said.

“It’s not every day you have the bay in the backyard and ocean in your front yard,” Tate said.