ST. PETERSBURG, Fla. - Some of the fastest boats from around the world are in St. Petersburg this weekend for the P1 Offshore Powerboat Grand Prix. 

The Powerboat Grand Prix is back in St. Petersburg for the second time and is expected to generate millions of dollars in revenue for the city and surrounding communities, according to Director Cole McGowan.

Steve Miklos has been racing boats for 31 years. 

"I started as a pleasure boater and realized it was probably safer to actually do something more organized where we have real safety like we do here," said Miklos. 

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He operates the throttle and travels at speeds of up to 120 miles per hour. 

The New Port Richey native is thankful for trained divers on his team and a medical staff nearby at his disposal. 

During the Grand Prix, he'll race against competitors from across the country, and as far away as Australia, Italy and New Zealand. More than 50 drivers will be racing Saturday and Sunday.

All kinds of boats will also be on display for spectators. 

"This was the first one of what is called the Generation Two and it’s very competitive boat," Miklos added. 

The boat is dedicated to the memory of Mark Spates, a local boat builder who died of cancer in 2019. 

Miklos says participating in races with the boat Spates built honors his legacy. 

"Mark is a genius and very much a local talent," he added. 

"The benefits to St. Pete are direct economic impact spend. So we’ve got teams from all over the world, all over the country coming right here to St. Pete where all of their fan bases and following and the locals in and out of market visitors coming in to come here, stay here spend money and eat here and that’s what we promote, " said McGowan. 

Milkos says location is key to the success of this event. 

"It's everything!  This is an incredible site. It’s a natural site first; graphically. St. Pete is a great town and we have a big hometown presence and this is the kind of event where you can come see it for free," said Miklos. He says it's also an opportunity to introduce the sport to new fans. 

The races kicked off Saturday morning at the St. Pete Pier and will continue through Sunday afternoon.

Traffic will be closed on Bayshore Drive.