Bay of Plenty Regional Council Chief Executive Mary-Anne Macleod said the benefits to the region from the precinct's development were many.
"Through the Regional Council's decision to support this project, and in so doing to protect the local marine industry, we will create opportunities for economic development and in turn contribute to jobs remaining here and being created here. It's an important step in preventing the loss of skill and knowledge from the region."
Mayor Stuart Crosby said the marine precinct project would support Tauranga City Council's vision for a talented and innovative city full of opportunity.
"Like our project partners, we are excited about the benefits that will come from creating a centre of excellence for marine related activities. This is a project that is investing in the city and sub-region today, with a clear aim of building a better tomorrow."
Sean Kelly of Western Work Boats said it had been a very long wait and his company was looking forward to the prospect of securing its business future in Tauranga.
"The Marine Precinct we believe is a huge leap for the growth of Tauranga's marine community. The marine community has suffered many blows at the demise of infrastructure that it once enjoyed.
"Most of all our employees and their families will be relieved if we are not forced to leave the Bay of Plenty. Further we look forward to the facilities meaning that all of our plant servicing can be done in Tauranga whereas presently it is not."