Additional funding will be received via the Far Eastern concession. The decision was made at the meeting of the government commission for the socioeconomic development of the Far East, chaired by Presidential Plenipotentiary in the Far Eastern Federal District Yury Trutnev.

According to the Ministry of Construction in the Magadan Region, work is underway on the city’s western and eastern waterfronts. Piles have been cast on the eastern waterfront, and a reinforced concrete headwall has been installed there. The entire local hydro-technical project is now complete, and that on the western waterfront is 70 percent ready.  

The facility is part of the Magadan municipal master plan, approved by President Vladimir Putin. There are plans to open the marine tourist center in May 2027.