FORT PIERCE — St. Lucie County anticipates signing a contract March 5 withDerecktor Shipyards, of Dania Beach, to operate a mega-yacht refurbishing center at the Port of Fort Pierce, County Administrator Howard Tipton said Tuesday.

“It is the single largest economic deal that this board has been involved in,” Tipton said.

The County Commission in November selected Derecktor over local company Fort Pierce Yacht & Ship to operate a mega-yacht repair center on 12.3 acres at the former Indian River Marine Terminal property. The commission gave Derecktor high marks for its business plan and experience.

More:St. Lucie makes its pick for mega-yacht repair business at Port of Fort Pierce

The county bought the property in January 2018 for $25 million because it wanted more control over how the port is developed and qualify to receive state grants to help pay for redevelopment.

A working port would create up to 900 skilled-trades jobs within three to five years, according to estimates from consultant Fishkind & Associates of Orlando.

The county is finalizing the rent amount, length of lease, who would be responsible for making repairs and whether the cost of those repairs would be deducted from the lease amount, Tipton said.

In addition to rent payments, Derecktor has agreed to pay the county “success payments," a yet-to-be-named amount based on the company’s gross revenues, according to county records.

More:St. Lucie schools asking for property-tax hike to improve teacher pay, make schools safer

If the contract is approved, Derecktor would pursue repairs for both sailing and traditional yachts, company spokesman John Koenig said Wednesday.

"We think there is a whole new market with sailing yachts because there's no place on the east of the United States that does that work," Koenig said.

Derecktor, a 71-year-old ship building and repair company, also plans to create a training program with Indian River State College, modeled after one it has with Broward State College, county records state.

“This deal is going to change the perception and the reality of St. Lucie County and the Treasure Coast,” County Commissioner Chris Dzadovsky said Tuesday.

The county’s effort to revive the 290-acre port, just north of downtown Fort Pierce, will create spin-off companies in plumbing, electrical and carpentry, said Doug Wheeler, president of the Florida Ports Council, a Tallahassee-based trade association for the state’s 15 seaports.

“For these repair companies, it is tough for them to come into a major port, like a Miami, because there are so many other businesses,” Wheeler said Wednesday. “I think that is why so many of those smaller companies find success in medium to mid-size ports, like Fort Pierce, because it is enough commerce to be shared. I applaud St. Lucie County for finding its niche.”

More:New look of Fort Pierce South Bridge to bring better safety to 45-year-old span

Though the county has yet to sign a deal with Derecktor, that hasn’t stopped mega-yachts from coming to the port for repairs.

Three mega-yachts are currently docked at the port for repairs at Fort Pierce Yacht & Ship, including the 164-foot Vibrance here for three months for a $1 million paint job.

Two of those yachts are docked on county-owned space, which would have to be renegotiated when the county signs its contract with Derecktor.

“I think there is more than enough business to go around between Derecktor and Yacht & Ship,” ­­County Commissioner Sean Mitchell said Monday. “With the shortage of space in Palm Beach, I think these yachts will migrate to Fort Pierce for work.”

Koenig said the company is "very open" to working with Fort Pierce Yacht & Ship.