Great Homer Street Market is in line to receive a multi-million upgrade.
The north Liverpool weekly market remains highly popular since its 1840 opening and will be improved as part of a city-wide funding initiative from the UK government.
Under the plans, up to £5 million has been set aside to expand and enhance the site in hopes of attracting more traders as part of a wider £31m investment package.
Also set to benefit from the announcement by Levelling Up secretary Michael Gove on Friday is HEMISPHERE One, a new eight-storey office in Paddington Village.
A further £13m is ringfenced to acquire sites such as the former police station on Smithdown Lane as part of the latest phase of Paddington Village’s expansion.
However that move is currently subject to scrutiny with the local Liberal Democrats voicing opposition to the plan agreed by Liverpool City Council’s cabinet last month.
Council leader Liam Robinson said: “We are delighted that the Government has endorsed our plans and is willing to invest in Paddington Village in our Knowledge Quarter.
“This investment will help to accelerate the city’s future as a world-leading science and innovation hub.
“This funding is also a huge vote of confidence in our vision to be one of Europe’s leading centres for research and development in the life-sciences.
“HEMISPHERE One is going to be a fantastic asset to the city, creating much-needed lab-based jobs for decades to come.
“The other tranche of funding will ensure we can develop the second phase of Paddington Village and enhance the city’s overall appeal to attract further investment and more jobs.
“In addition, the funding for Great Homer Street Market is equally welcome as this will ensure we can grow this vital community asset in north Liverpool.
“Today’s announcement is another sign of our growing relationship with Whitehall and Westminster which bodes well for further plans to grow the city’s economy.”