The council has secured the funding to drastically improve the area around Maid Marian Way and Angel Row.
The £12.53 million funding will enable the streets to be transformed and will create a new ‘creative hub’ in the city and improve transport and pedestrian routes through the city centre.
The council has revealed that the historic front of the library on Angel Row will be protected and turned into the Angel Row Creative Co-operative.
This will double as a gallery space, studio, workshop and offices.
Maid Marian Way is one of the busiest roads in the city centre and will be changed to encourage more pedestrian access to popular Nottingham landmarks such as the Theatre Royal and Nottingham Castle.
Councillor Rebecca Langton, Portfolio Holder for Skills, Growth and Economic Development, said: “We’re pleased to have secured this funding, which is a vote of confidence in Nottingham’s plans to re-think our city centre post-Covid.
“Over £12m will help us to preserve our heritage buildings, make it easier to get around the city centre and improve the street environment as we do.
“This funding will help us work towards our City Centre strategy and other important plans and projects that are already underway.”
Lucy Stanford, manager of Nottingham Business Improvement District (BID) said: “An investment of this size is great news for the city and an important element in re-imagining the city centre post-Covid.
“Angel Row is a well-used gateway into the city centre for office workers and is often the first part of the city that visitors to Nottingham get to see when arriving by public transport, so it will be great to see the area receiving some much-needed care and attention.”
This bid is one of a number of strategies to improve the city centre including the city’s 2028 Carbon Neutral Plan.