Owned by the City of Prince Rupert, Cow Bay Marina was developed through a partnership with the City, Community Futures of the Pacific Northwest, and the Prince Rupert Port Edward Economic Development Corporation. The $3.8 million project was financed through public and private investors, including Western Economic Diversification Canada (WD) and the Prince Rupert Port Authority, which assisted with the logistics of developing the marina.

Constructed by local contractor Broadwater Industries, building the marina was a huge undertaking and an engineering feat. The docking facility had to be constructed in water depths up to 30 metres and in tidal ranges that are over seven metres. As a result, pilings range from 37 to 60 metres. A 183-metre floating breakwater was also constructed to protect the marina, and is secured by pilings.