Developer Neptune Wirral signed a £24m deal with HSBC, allowing the second phase of the New Brighton mixed-use regeneration scheme to go-ahead.
The second phase includes a hotel, supermarket, cinema, restaurants, cafes, bars, a watersports training centre, a model boating lake and a lido.
The first phase was completed in 2008 with the construction of a 800-seat pavilion and conference centre.
Peter Hynd, Chairman of Neptune Wirral, said: “This is a huge milestone for the scheme and the Wirral as a whole.
“We are thrilled to have secured HSBC’s support despite challenging market conditions which clearly reflects on the quality of Neptune’s proposals.
“We are now looking forward to working together on delivering phase two of the scheme, which is a huge step in the ongoing regeneration of New Brighton.”
The developers say the project is set to regenerate the town’s promenade and create hundreds of jobs both during construction and when the scheme opens for business.
Future tenants include WM Morrison supermarket, Travelodge Hotel, The Light Cinema, along with restaurants, cafes and bars.