Stewart Park is celebrating receiving £6.5m from the Parks for People grants, including a £4.4m grant from the Heritage Lottery Fund.
Stewart Park covers about 120 acres, is situated in Middlesbrough, and is made up of woodland, parkland and two lakes.
It is most famous as the birthplace of Captain Cook, and was opened to the public in 1928.
Councillor Paul Thompson said: "This is fantastic news for Stewart Park and for the town as a whole."
Stewart Park was originally a manor house and deer park in the early 1800's.
The entire village of East Marton was removed to create it.
Stewart Park claims to attract nearly 400,000 visitors a year.
BBC Tees' David Macmillan spoke to children from Captain Cook Primary school about what they would like to see the money spent on in the park.
Included in the answers were the usual play parks, swings and slides, but one child had higher hopes: "I'd like to see some ponies and horses, and dogs and cats to stroke"
Spending plans
Tom Mawston, councillor and chair of Friends of Stewart Park, told BBC Tees what the plans are for the windfall:
"The £6.5m goes into initially restoring the park lakes, and one of the biggest calls from park users is a footpath, parallel to Ladgate Lane, so there will be a footpath created.
"We have to do some dramatic work to really restore the park to what it was."
Stewart Park visitors and staff celebrate the £4.4m lottery grant
"There will be a visitors centre, and a space that will be used for open air concerts, or presentations.
"The animal pen will move down towards the field opposite the The Ladle, and there will be a children's play area in what's now the pen."
It is hoped that the money will also create a specialist vocational training centre which will include a cafe, within the Victorian walled gardens.
"The training will be targeted at Middlesbrough residents, who've got learning disabilities." Explains Councillor Brenda Thompson
"They'll be trained and have real jobs, real training, real skills. There'll also be a cafe where they can learn skills in serving the public."
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