The Isle of Wight is to receive just under six million pounds in Government funding.
The announcement comes as part of the Chancellor's budget, which has been revealed today (Tuesday).
A bid to the Government's Levelling Up fund was submitted by the Isle of Wight Council last year. It has now been accepted, and will see £5.8million go to East Cowes.
Speaking to Isle of Wight Radio, Isle of Wight MP Bob Seely said the money would help to renovate town's Columbine building and the Esplanade.
He said he wants East Cowes to be "a centre of job creation and wealth creation":
"It's for projects in and around East Cowes to look at the Columbine building and various other buildings the council has bought. This is a project the previous administration and I worked on and this administration has supported as well.
"We want East Cowes to be a centre of job creation and wealth creation on the Island. For shipbuilding but also for start up office space and house building as well.
"This money will go towards making that dream and hope a reality. It is important for the Island and is also important to East Cowes. I'm very aware of the pain that folks there have had with the floating bridge and other issues so I'm hoping this is some good news for the folks of East Cowes but also the Island.
"This is not the end of the story but it's the beginning. We will be putting in other Levelling Up bids I'm sure linked to Newport and other ambitious agendas on the Island but it's good news today."
The Isle of Wight Council purchased the historic Columbine building last year.
Three other sites - the Victoria Barracks building, the Albany warehouse, and a Maresfield Road site currently used for car parking - were also included in the deal.
Mr Seely said the Columbine building will continue to be used for shipbuilding. Wight Shipyard currently use the site.
"It's about improving the building and improving the office spaces around the building.
"There will also be some works to improve East Cowes seafront as well, so there a series of ideas linked to this but the good news is we now have the money to make this a reality."
Money will go towards making Victoria Barracks a multi-purpose accommodation centre, linked to marine skills, Mr Seely says.
He hopes the funding will also mean a new public square in the town, which includes a water sports slipway.
Cllr Julie Jones-Evans has also welcomed the announcement. Tweeting Mr Seely, she said:
Thank you Bob. More good news for Alliance administration dedicated to delivering for the island and proving independents can get things done 😀👏 #iwnews
— Julie Jones-Evans 💙💛 (@juliejonesevans) October 27, 2021
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