Dubai Properties Group, a real estate developer, announced the launch of AED 1 billion ($272 million) project along the banks of the Dubai Canal in Business Bay, reported The National.

Dubbed Marassi Business Bay, the new project will include 5 new marinas, up to 200 “water homes” and more than 11 shops, beach clubs and floating restaurants, according to Construction Week Online.

The development will be located on the Dubai Water Canal and will be home to a 12 kilometer promenade. Plans include a yacht club with 1,250 berths, and park with amphitheater.

The first phase of the Business Bay, The Promenade, will be developed by September 2016, to be followed by The Park and The Yacht Club. The whole project’s expected completion date is 2023, with a substantial part of It to be completed by 2020.

Dubai Properties work portfolio includes 35,000 homes of which 15,000 of these have been sold, and the remaining are part of its rental portfolio and specialist units.