Nearly one year after taking control of the Queen Mary in Long Beach, developer Urban Commons has unveiled plans to build a $250-million entertainment complex adjacent to the historic ocean liner.

The Queen Mary Island development, reported earlier today by the Los Angeles Times, would transform 65 acres of waterfront property into a mixed-use center featuring approximately 700,000 square feet of open-air retail space, a 200-key hotel and a large amphitheater.  Plans also call for a new boardwalk - flanked by shops and restaurants - as well as a new small-boat marina.

Urban Legacies, a London-based entertainment and hospitality firm, is expected to open a 150,000-square-foot facility within the project, offering an eclectic blend of activities such as ice climbing, zip-lining, surfing and simulated skydiving.

Architecture firm Gensler is designing the project, which could break ground within two years if approved by the City of Long Beach and the California Coastal Commission.

This news comes on the heel of reports that the Queen Mary is in need of $289 million in repairs over the next five years to prevent the collapse of its hull.  Revenue from the Urban Commons development would help maintain the historic ship, which was built in the 1930s.