The Barry Waterfront Consortium has struck a deal to take ownership of the land from Associated British Ports in a major step forward for the development which will contain 2,000 new homes.
The consortium has named the proposed scheme The Quays and the development will include a primary school and a link road from the town to Barry Island.
Speaking on behalf of the consortium, Richard Keogh said: “The land acquisition is clearly a major statement of intent by the Barry Waterfront Consortium to make these regeneration proposals a reality.
“It is clear from the reaction we have had to our proposals that the local community is very much behind us and we now have everything in place to get the project under way bar the planning permission.
“This is a major investment in the area, particularly during this difficult economic period, and the development will have a real positive impact in creating jobs and helping regenerate Barry.”
The application for outline planning includes provision for up to 2,000 homes, as well as shops, bars, restaurants and offices; parks and public spaces, a primary school and a 4,000 sq ft community facility.