Scottish ministers have given the green light to plans for a £175m facelift of the historic waterfront in Bo'ness.
The redeveloped waterfront hopes to attract economic investment
The project aims to rejuvenate the town's 400-year-old harbour by creating a marina as well as a 90-bedroom hotel and hundreds of new homes.
Falkirk Council had agreed to support the project but final approval was needed from the Scottish Executive.
The council is now working with developer ING Real Estates to conclude legal agreements before work begins.
Councillor John Constable, convener of the council's regulatory committee, said: "It has been a lengthy wait but we are satisfied this will bring a great many benefits to the Bo'ness area and allow the area to develop into an economic attraction for investment."
The 27.5 hectare development will transform the foreshore area of Bo'ness with the creation of a centrepiece marina for leisure craft from the existing harbour.
The hotel, yacht club, restaurants, bars and shops also form part of the proposals along with the building of 123 flats and 75 townhouses.
Scottish Executive ministers were called to give their backing after concerns were raised that the harbour, on the River Forth, was next to a specially protected area.
Fer Dijkstra, of ING Real Estate UK, said: "The decision by the Scottish Executive marks yet another important step in the regeneration of Bo'ness."
The development plays a key part of the My Future's in Falkirk partnership initiative by Falkirk Council, Scottish Enterprise Forth Valley and BP to transform the local economy.
Work on the project is expected to start in July 2007 and is expected to last up to eight years.
Up to 700 construction jobs and 100 permanent jobs are expected to be created.