According to The Associated Press, Mayor Les Fillingame says the harbor will be fully funded with state and federal money.
Plans call for a marina, restoration and relocation of a pier and a public waterfront parking lot.
Officials tell the Sun Herald that the harbor is being permitted for 194 slips with the ability to go to 208.
Officials say although the harbor will be open to commercial fishermen, it won’t be set up as a working commercial harbor.
The project must be approved by a number of state and federal agencies.