The city of Gulfport in Mississippi has selected architectural firm Eley Guild Hardy to design one of the largest aquariums in the US as part of a US$120m (€96.4m, £75.6m) mixed-use mega development.

The aquarium will cost US$100m (€80m, £63m) - US$12.5m of which is in approved bonds that can be applied toward construction costs - according to the city’s chief administrative officer, John Kelly, and will replace the one lost to Hurricane Katrina in 2005. The private development will not be paid for using taxpayers’ money.

The city's urban development agency, the Gulfport Redevelopment Commission (GRC), received proposals from five teams for aquarium designs. The GRC will now negotiate a contract with Eley Guild Hardy, which has partnered with PGAV on the development.

The city is hoping to have land assembled for the aquarium by the end of 2014, while a further assessment is still needed to work out the aquarium's size, ticket prices, attractions and exhibits.

"Today is a milestone for the future of Gulfport, the State of Mississippi and the region," said GRC chair, Carole Lynn Meadows. "This aquarium will bring a much-needed place where families can come together to explore and to learn about the wonders of the aquatic world.

"We see this aquarium as a catalyst of development in Gulfport and an enhancement to the growing tourism industry in the Coastal region. Now, the fun begins as we work with our designers in bringing our vision of the Mississippi Aquarium at Gulfport to reality."