More than 600 new jobs are on the cards for Dover with plans for a new cargo terminal at the port.
The development, which was announced today, could provide the new roles in the logistics industry - as well as safeguarding another 140 jobs.
The regeneration includes a revival of the Western Docks and the possibility of transforming the waterfront with a new marina.
Plans for the port to improve the area were first approved by the government in 2012
Port of Dover chief executive Tim Waggott said: "The port is determined to do more for and with its community whilst working with its major customers to achieve mutual success for the benefit of the nation."
He added: "This opportunity requires the support of everyone to ensure that the board gets the powers that it needs to deliver for Dover.
"We want to work closely with our customers and the community in establishing and driving a shared vision. Together we can and must make it happen and we begin that journey today."
Cllr Paul Watkins, Dover District Council leader, said: "Delivering major port development that protects long term port capacity, but delivers jobs and opportunities now whilst creating a catalyst for major regeneration will be a significant boost to the region and shows real commitment to Dover."
It comes as an extension to the previous planning proposals and will enable Dover to open its doors by taking up more opportunities within the cargo business.
Harbour Board chairman George Jenkins said: "Transforming this part of the port estate can in turn support the wider transformation agenda, one which sees the port and town working together, which the Port of Dover is also championing through its Dover waterfront regeneration project with Dover District Council.
"The people of Dover have waited long enough for Dover's revival. That revival could start right now, breathing new life into our port and into our community."
Peter Jones, chairman of the south east Local Enterprise Partnership, said: "The Port of Dover is of national and international significance.
"Ensuring that it can develop and grow as a key gateway and enhancing its resilience is vital so that it can continue to support the nation’s economic activity and prosperity in the years to come.
"Port development must be seen as part of a wider strategic vision to establish an alternative transport corridor to the midlands and the north through a new Thames Crossing while supporting new town centre investment and community development."