Jacksonville Florida's chances of getting a world-scale aquarium in a downtown location have taken a step forward with the news that a feasibility study is about to be launched – it's a significant step forward for a project that has been two years in the making.

Massachusetts-based ConsultEcon will conduct the study on behalf of AquaJax – the group behind the aquarium development. The study will look at cost estimates, funding options, operations and site locations. The US$50,000 (€44,000, £32,000) study is being funded by unnamed local investors.

The aquarium development, thought to cost around US$100m (€88.1m, £64.5m) to US$120m (€105.8m, £77.4m), could go to three potential sites according to AquaJax – all of which are on the Northbank of Jacksonville near a recently proposed large-scale mixed-use redevelopment of the area.

The 150,000sq ft (13,935sq m) facility will include both sale and freshwater marine environments, as well as add to a manatee rehabilitation programme currently underway at Jacksonville Zoo and Gardens. The aquarium will also focus on education and research, and will be closely connected to the University of North Florida, Jacksonville University, and multiple local elementary, middle, and high schools in and around Jacksonville.

“The Jacksonville Aquarium project is the first we as a group decided to undertake,” said a statement from AquaJax. “Jacksonville has a wealth of natural attractions at its disposal, and we feel an aquarium would highlight those attractions and bring in enormous amounts of people to come visit our ever-improving city.

"Public support for a project such as this has always been high and it’s impossible to deny the positives a large scale aquarium would bring to downtown Jacksonville. Education, conservation, entertainment, economic stimulus, and civic pride would all stem from this single addition to the downtown waterfront.”

The feasibility study will take around six to eight weeks to complete and will encourage further investment into the project, according to AquaJax, which is focusing on both corporate investment and public donations to fund the project. The group hopes to have the aquarium open by 2018.