Computer generated images show how Skegness is being transformed under new proposals.
The popular East Midlands holiday destination could see millions of pounds spent restoring the pier, building a new college, developing the train station and upgrading high street shop fronts.
Work on the college will start next January and will be completed by July 2024 ready for the next academic year. It will be built south of the A52 Wainfleet Road.
Most of the regeneration plans are thanks to the Towns Fund, which will see millions of pounds invested into Skegness and Mablethorpe over the next few years.
Connected Coast, the body set up to oversee the plans, will decide where the funding will be allocated.
Chris Baron, Connected Coast chairman, told Lincolnshire Live: "We're very close to getting full business cases for the new college, which will be the first we'd have a full-scale education campus in Skegness, which is going to be great because it takes away that barrier between education for people on the coast.
“It's usually an hour journey each way to get to Boston or Grimsby.
"The railway project for the railway station will hopefully be towards the end of this year, so there's a big upgrade going on there."
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A scheme to upgrade shop fronts in Skegness is already being taken advantage of and could see a modernised high street.
Mr Baron said: "It's to get people to upgrade their shop front and reinstate some of the character back into Lumley Road, so hopefully you'll see some of those changing this year."
The Skegness foreshore will also be developed under the plans, with existing structures around the Southern Boating Lake will be improved to create an outdoor events arena for activities such as concerts, festivals and outdoor cinema.
Although there is no exact finish date for Skegness pier, in five years it could be well on the way to being restored to its original 582m length.
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