Plans to transform the pumphouse at Llanelli's North Dock into a restaurant and training academy for young chefs has received £480k government funding.
Welsh rugby internationals Stephen Jones and Dwayne Peel are among investors behind the £1.8m restoration project due to begin shortly.
The Welsh Assembly Government said it was part of wider regeneration plans for the town's waterside area.
It is expected to create just under 30 jobs when it opens next year.
The restoration of the grade II listed building has received a £135,000 grant from historic monuments agency Cadw and £345,000 from the assembly government's single investment fund.
Bendigo 9-10, the company behind the project, includes restaurateur and food critic Simon Wright, along with the rugby stars.
Deputy regeneration minister Leighton Andrews said: "Bendigo 9-10 has come up with some innovative plans for the pumphouse which will bring real benefits to the local and wider community.
"Local jobs will be created during the construction phase and the operational phase while their proposals to create a unique Welsh chef academy will provide local catering students with superb career opportunities."
The pumphouse, which controlled the lock gates on the river Lliedi, dates back to 1898.
It closed in 1951 although some of the buildings were used as workshops for a short period.
It is the only building left standing from when Llanelli was a major port.
More than £50m has been invested in the waterside in recent years which has seen a new 18-hole golf course and housing development, a visitor centre and seaside apartments.
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