The Lansdowne area of Bournemouth is set to benefit from part of a £19.5m government investment.
The money has been secured by the Dorset Local Enterprise Partnership (LEP) to turn the area into a new business district.
It is hoped the revamp will create new business and job opportunities, Local Growth Minister Andrew Percy said.
Money is also going to Bournemouth University to invest in its Orthopaedic Research Institute.
The cash will also be used on several other projects including building new homes.
Mr Percy said: "These growth deals are a crucial part of our efforts to create an economy that works for everyone, and will ensure every region of the country has the chance to realise its full potential."
The Dorset Local Enterprise Partnership (LEP) is made up of local authorities and businesses.