What was once a Fort Lauderdale parking lot is now a state-of-the-art marina at “the yachting capital of the world.” Fort Lauderdale city officials held a ribbon cutting ceremony Tuesday to open the renovated and expanded Las Olas Marina, a $130 million project located at 240 Las Olas Circle that includes a three-story building, enhancements to public parking and walkways and space for “superyachts,” vessels that reach 80-feet and beyond. The 40,000-square-foot marina’s opening comes just in time to host , which runs from Wednesday to Nov.

3. The marina, which is currently accepting reservations for dock space, features floating concrete docks designed to accommodate some of the largest yachts in the world, ranging from 65 to 315 feet. The marina’s brand new building—so new, much of the inside is empty or under construction —will house several retail stores and restaurants.

Ocean Prime, a glamorous surf and turf restaurant, will open in May. With a back drop of glistening water and bright white luxury yachts, Mayor Dean Trantalis thanked city officials, local residents and Suntex Marinas, a national developer and marina operator, for bringing the marina to life. “Finally, right? Who knew this was a parking lot?” Trantalis quipped during the event.

“Today is a very momentous occasion marking a culmination of eight years of dedication, collaboration and planning.” The city requested proposals for the site in 2016 after it had rejected a different proposa.