More than 300 jobs are to be created through a £5 million hotel and affordable homes development in Brighton's city centre.
A Government grant will be used to build the complex on derelict land behind the city's main railway station.
Coast To Capital has £23 million of Government funding and expects to announce further loans to public and private sector organisations.
Its chief executive, Ron Crank, said: "Our aim is to remove blockages that are preventing development and private sector employment. This is one of Coast To Capital's major strategies."
More top news
Philippa has the weekend outlook for the east
Philippa has the weekend outlook for the west
Thomson Airways have named their 8th and 9th Boeing 787 Dreamliners after Mr and Mrs Patmore from Ramsgate!