The Government's first payment towards the regeneration of Oxford's West End will allow the £1.5m scheme to transform Bonn Square to be brought forward.
The multi-million-pound scheme to redevelop a quarter of the city centre will benefit from the Government pumping in £1.16m - with the promise of more money to come. The windfall came as Oxford was confirmed as one of 29 growth points, where the Government wants to see more housing and jobs.
Oxford City Council said it hoped to invest £750,000 of the new money into the long awaited plan to reclaim Bonn Square as "a 21st century space".
A high profile competition to attract designs to transform the rundown area attracted more than 100 worldwide entries.
It was won by the Edinburgh firm of architects Graeme Massie. But although the scheme got planning permission in the summer, lack of finance dampened hopes of progress.
The new money should mean the work, which includes levelling and repaving the site, can go ahead next year.
Oxfordshire County Council leader Keith Mitchell said: "We want to see the West End regeneration to be of the same high quality as the new Castle development."
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