A £1 MILLION loan, ear-marked for the regeneration of the area around Milford Haven's Quay stores, has been approved by Welsh Government and granted to Pembrokeshire County Council.
The Town Centre Loan Fund money was applied for by the council last September, in connection with the redevelopment of the Quay Stores in Victoria Road, part of Port of Milford Haven's Milford Haven masterplan.
A report to Pembrokeshire County Council's cabinet on Monday said that council officers are currently in discussions with the Port to bring forward redevelopment of the derelict site using the funding.
Deputy leader, Keith Lewis, urged that the Quay Stores area provide a link between the town centre and the marina.
"I have still to see the exact plans for the way in which this building will be developed," he said.
"One of the criteria that I have mentioned to members of the port authority is that consideration should be given to improve connectivity between marina and town centre. I would like to think that something of that nature will be built into the scheme.
"The site is very much adjacent to the Torch Theatre but there is no pedestrian or other link at this time. I think it is important for us to link these two developments. Hence our commitment to town centre regeneration."
Leader Jamie Adams added the loan was:
"A good opportunity to link to disparate elements of retail in Milford Haven."
The money is loaned without interest, although there is an administration charge, and must be repaid within five years.