Sinking the former navy ship could provide a year-round attraction for over 5,000 divers per year, with an annual economic impact of $1.5 million.
The addition adds a further 14 berths to the marina, which caters for vessels up to 25m in length.
The parkway when complete, will provide an area of lush parkland with stunning views back over the marina precinct.
Two new low-maintenance polyethylene buoys with self-contained LED lights were installed a fortnight ago, in the waters of Levuka Passage.
The new regatta dates for the 11th running of the event are 31 August to 6 September and special accommodation offers are available.
The Bay Regatta is a four-day circumnavigation of Phang Nga Bay that takes in three of southern Thailand's most scenic provinces – Phuket, Phang Nga and Krabi.
Bay of Islands Sailing Week regularly attracts around 100 boats and 1,000 sailors from around New Zealand and overseas.
Entries opened on Monday January 16th and the build-up is now on heading to the start of racing on May 16th.
In addition to the IRC, Cruising and Multihull classes, organisers have introduced an option for the regional TP52 fleet and similar type boats to have their own dedicated class and courses.
There is a total of 14 established records up for grabs, all of which offer the skipper’s weight in Mount Gay Extra Old Rum.
In September, Abell Point became the first marina in the world to attain the 5 Gold Anchor Global Marina Accreditation under the new scheme.
The marina has been running at full capacity for the last five years.
One of the world's best cities and all within reach from its famous harbour
Developed by Royal Museums Greenwich, the award-winning exhibition draws on the latest research and many rare artefacts to shed new light on the history of longitude.
To allow boats to also compete in the China Cup International Regatta, the Hong Kong to Hainan Race is scheduled for a later start date than usual and the entry deadline is 30 September with late entries being accepted up to 7 October.