The Chancellor has ratified nearly £20 million of funding to regenerate the waterfront at Barry Docks.
The Levelling Up funding was awarded last November by the previous UK Government for the Barry Making Waves project, centred around The Mole.
Rachel Reeves approved Vale Council's bid for £19.9 million as part of the Budget announced on Wedmesday.
Plans for the waterfront include a new marina and watersports centre, while the historic Dock Office will provide commercial space for businesses.
Associated British Ports (ABP), the Ocean Watersports Trust and Cardiff and Vale College - who plan to build a new campus nearby - are among those who have contributed to the scheme so far.
It's hoped the Making Waves scheme could become a reality by the end of the decade.
Council leader Lis Burnett said: "This project has been a long time in the making and it is great to see be approved. The Barry Making Waves project marks the next step on a regeneration journey that has already seen significant investment."
"This news combined with the announcement that up to an additional £20 million will be made available to the Barry Partnership means that regeneration projects will be supported across the length and breadth of Barry."
"I am confident that these projects will inevitably strengthen connectivity between the town centre and the waterfront and create much needed training and employment opportunities."
Doubts had been raised about its future when power changed hands at the general election in July, with the incoming UK Government pausing the scheme for review.
But on Thursday, the council confirmed it would receive the funding as planned - with annual payments of £2 million being made to the Barry Partnership over the next ten years.
Daring to Dream releases powerful charity single to spark conversation on emotional health
RNLI Visitor Experience Secures Its Future with 10-Year Promenade Lease
Senedd committees: What are they and why are they so important?
Meet the new Welsh Government cabinet: Who’s in, and what are their roles?
Barry Island Protest to Highlight Sewage Crisis in Welsh Waters
New Vale of Glamorgan Mayor and Deputy officially appointed
Barry Town Council welcomes new Mayor for 2026/27
First Minister appoints his Ministerial team
Bride Travels to Wedding by Train on the South Wales Metro
Officers continue to investigate Park Road incident
Sell-out Barry Island 10k returns this Sunday
Six Vale beaches receive yellow and blue seaside Award flags
Conservative MS thanks voters for their support as he returns to the Senedd
Cardiff Airport backs aviation degree with on-site student training
National award for local PR consultant
A surfboard shop in Penarth could be a new bar with "potential" for future restaurant use
Work set to begin on gas pipe upgrades in Llandough and Penarth
Burglars have broken into the Taylor Wimpey Site near Dunraven
Our 'Green objectives’ will be the price of any support for new government say Wales Green Party
Former Transport Secretary appointed Interim Welsh Labour Leader
