A further £100,000 was secured for the £1.4m project, completing its overall budget requirement.
The Council-funded project will better connect the waterfront with the town centre by reducing the dual carriageway down to one lane each way and creating areas of public realm.
Convener of the Committee, Cllr Neil Crooks said: "This marks another significant milestone in this important regeneration work for our town centre. Initial options have been refined and soon Fife Council will be asking residents and the wider business community for feedback on the preferred proposal.
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"Over a number of decades the town centre has unfortunately turned its back on the coastline. One of Kirkcaldy's greatest assets is the views over the Forth and it's only right that this first phase of regeneration looks to improve that.
"The outdoor space that this will free up brings with it a whole host of opportunities. The Esplanade will be able to accommodate pop up businesses, spill out areas for larger venues, more spaces for seating, additional parking and better road crossings to the waterfront."
Bill Harvey, Manager of Kirkcaldy 4 All, added: "I am delighted that Kirkcaldy Area Committee has agreed to the funding. I do believe that the Waterfront can become not only the unique selling point for Kirkcaldy town centre but will also be key in the plans to regenerate the area."
Work on the regeneration venture is scheduled to begin in Spring 2019.
A consultation will run in town centre locations and online from 24 September until 08 October. Feedback on the proposal will help to shape the project's planning application that will be submitted later this year.
The proposals have been developed with Kirkcaldy Waterfront Group (a stakeholder group representing businesses, residents and voluntary bodies), the Kirkcaldy's Ambitions Partnership and a consultation undertaken by Kirkcaldy 4 All.
(CM)
