The Levelling Up project has been provisionally awarded £18,291,000 as part of the third round of the Fund.
Welcoming the announcement, Council Leader, Cllr Kathleen Robertson, said: "Residents and businesses will be delighted to see this UK Government funding, which is so central to our efforts to support jobs and investment in the city, coming down the line.
"I am delighted that the UK Government has shown its support to Moray and has recognised our strong case for funding for the Elgin City Centre Masterplan projects, which were part of our round 2 levelling up bid.
"Investment of this scale will level up Elgin and the whole of Moray, bringing much-loved Moray features and buildings back to life, creating jobs, and introducing a lively night-time economy. This is another opportunity for the progress of several projects which will give momentum to the regeneration of the capital of Moray."
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The Levelling Up Fund is designed to invest in infrastructure that improves everyday life by supporting town centre and high street regeneration, local transport projects, and cultural and heritage assets. Proposed projects are set to deliver significant economic, social and environmental benefits to the whole of Moray, including the creation of dozens of jobs.
The projects submitted in the bid include the former Sawmill by Linkwood Road, which has been vacant for a number of years. Flooding issues and access constraints will be addressed before the site is opens for commercial development.
The Central Elgin project will support the development of the evening economy in Elgin. A number of properties in South Street, including the derelict former Jailhouse nightclub, Newmarket bar, and the old Victoria Market, will bring forward commercial, retail, and residential development.
A creative arts centre will provide new jobs and deliver long-term community benefit to support the creative industries sector and community art projects across Moray.
Improved traffic control measures and streetscape works will support active travel, address accessibility issues, provide new disabled parking and help create an outdoor café culture to complete the Central Elgin project.
Finally, supporting the Moray Growth Deal Cultural Quarter, is the re-imagining of Cooper Park. Bringing the pond back into active use with accessible walkways, planting for biodiversity, new seating, and boat/paddleboard hire from a jetty.
The existing toilet block will be extended and repurposed into a café and ticket office with changing places toilet to improve facilities for park users.
