VICTORIA -- The Waterfront Suites and Marina on Stewart Avenue in Nanaimo could see a complete redevelopment in the near future.

The owners of the property, Waterfront Holdings Ltd., who also own the Grand Hotel Nanaimo, recently submitted an application to the city to redevelop the site.

The proposal would replace the existing four-storey, 45-room hotel and put in its place a 10-storey, 110-room hotel with multiple food and beverage outlets, spa facilities and underground parking, as well as condominiums.

The proposal comes after news that the stagnant Vancouver Island Conference Centre is finally set to begin construction after a decade of waiting.

“It’s a very exciting time for the City of Nanaimo. It’s exciting too for the hotel and tourism industry,” says Odai Sirri, director of asset management for Waterfront Holdings.

The company purchased the property in 2009, with a vision to redevelop the whole site. In 2014, the first phase of redeveloping the marina was completed. Kayak rentals, fishing and adventure tourism charters will be added to the marina once the new hotel is built.

The existing hotel was built by former Nanaimo mayor Frank Ney in the 1970s and was a water-themed destination called the Moby Dick Boatel.

Waterfront Holdings is hoping for approval by the city later this year.