Wolverhampton City Council has secured funding from the Heritage Lottery Fund's Townscape Heritage scheme to further develop The Queen Street Gateway Enhancement Project.
The project aims to provide grants to assist owners with essential repairs and improvements to their properties in Queen Street, possibly one of the most historic streets in the Wolverhampton City Centre Conservation Area.
The award will help to support the city's Interchange scheme, improving an important pedestrian route from the bus and rail stations through to the city centre's main retail shopping area.
Development funding of £40,000 has been initially awarded to help the council develop plans to improve the properties.
Once the plans have been approved, a further £864,000 will be made available in the form of grants which will support the costs of repairs and improvements for businesses and property owners.
Councillor Peter Bilson, Wolverhampton City Council's Cabinet Member for Economic Regeneration and Prosperity, said "This is exciting and welcoming news for the city and will enable the council to provide real support for struggling businesses in this important part of the city centre.
"We shall be working closely with property owners, and our project partners, over the next few months to develop proposals for the area."
Reyahn King, Head of Heritage Lottery Fund West Midlands, said: "Queen Street is destined to become a major pedestrian artery serving the town centre.
"Our decision to provide initial support and some immediate development funding, means that planning to restore historic buildings can begin in earnest. This will underpin this important local heritage while at the same time helping to reinvigorate the local economy."
Queen Street has many important listed buildings dating back to the early 19th century.
The council will be working in partnership with WVOne and the Wolverhampton Civic and Historical Society to deliver the scheme over the next 5 years.
The project will also involve the local community in undertaking research into the history of the street which will eventually be made available through a series of new initiatives, including digital media.
- released: Friday 13 February, 2014