THE Isle of Wight’s marine economy could have a £10million boost, leading to nearly 500 new jobs.
The Isle of Wight Council has approved a giant marine business park at East Cowes, which could create up to 382 jobs on the site and another 111 jobs indirectly.
The Kingston Marine Park will be built on land off Saunders Way and cost £10 million.
It will have light industrial units with 15,000 square metres of space, including a 33-metre tall boat shed capable of housing boats with their masts upright.
A 200 tonne hoist dock, jetty and waiting pontoon will also be built on the banks of the Medina to allow yachts to be lifted into the marine park.
Construction is set to begin in spring next year, once the Homes and Communities Agency, owner of the land, finds a development partner for the scheme.
Mud will also be moved from the shoreline to create a new habitat for the protected tentacled lagoonal worm.
East Cowes Town Cllr Simon Walker told Tuesday’s planning meeting the town council welcomed the scheme.
He said: "This development will provide opportunities for employment in one of the most deprived wards on the Isle of Wight. It will enable the continuation of a tradition of marine activity on the River Medina."