The $85 million redevelopment of the Port Douglas waterfront has just been approved by the Douglas Shire Council.

Today's approval means the potential for 320 jobs and a further 300 indirect can now progress, with the project contribution over 30 years calculated to have a net present value of $588 million, according to figures from Cummings Economics.

Reef Marina co-owner Andrew Hooper-Nguyen confirmed the first stage to be rolled out will include boardwalks and 19 of the 85 luxury waterfront townhouses and apartments.

"We are delighted with the community support we have received and to be given the green light on this landmark project,” Mr Hooper-Nguyen said.

"The project will energise our beautiful waterfront with new levels of amenity for Port Douglas locals and visitors, including waterfront plaza and boardwalk and exciting new dining and entertainment choices."

Mr Hooper-Nguyen said the timber Boardwalk at the southern end of the Marina will be open to the public and span the waterfront, while the Rainforest Walk would connect the Marina to the town centre through a heavily landscaped walkway.

“Our waterfront regeneration project is one of Port Douglas’ biggest ever investments. It will create local jobs, local spending, increased tourism and new high-end accommodation options,” he said. 

“Residents and guests will experience a new level of luxury and enviable facilities including a concierge service and waterfront swimming pool."