The fire broke out after 6:30 a.m. at 135 S. Miami Boulevard.
It took more than 40 firefighters over two hours to get the blaze under control. No injuries were reported.
The cause of the fire is still under investigation.
Water World sells recreational boats and related products. Several boats were seen on fire, but it is unclear how many were damaged.
ABC11 will update this story as more details become available.