The NI Social Development Minister Nelson McCausland has announced the investment and said that it will be used to create vibrant town centre in Carrickfergus.
The scheme will provide high quality stone materials for paving, new street furniture and street lighting, which will follow, designs that complement the historic setting of the town.
According to the statement released by the Minister Market Place will be upgraded to provide improved public space and there will be enhanced pedestrian linkages between the town centre and the castle.
Other improvements include parking and traffic flow changes to provide a pedestrian friendly environment.
Mr McCausland said: "This investment will make a positive difference to all those who live, work and visit in Carrick. Carrickfergus boasts one of the finest landmark castles in the country, located on the Belfast Lough shoreline, it is only right that the town centre should have a welcoming and friendly environment to facilitate and encourage all locals and visitors alike."
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The scheme has been developed with the assistance and support of DRD Roads Service and Carrickfergus Borough Council is expected to start in the New Year. Arrangements for the appointment of contractors are currently underway.
An information event is to be hosted by Carrickfergus Borough Council on Thursday 20 October at 10.00am in Carrickfergus Civic Centre to inform local traders, businesses and members of the public about the details of the scheme and the likely timetable for the works.
Information panels illustrating the scheme will remain on display at the Civic Centre for the foreseeable future.
A local Liaison Group will be established to ensure that there is effective ongoing communication with traders and other town centre users throughout the works.
Meanwhile on order to avoid disruption to the busy Christmas period, work is not scheduled to start on the ground until the start of the new year.
Regional Development Minister Danny Kennedy said: "My Department has been working in close consultation with DSD and Carrickfergus Borough Council on this scheme which has been planned and developed by Roads Service.
"Roads Service is currently procuring contractors and will supervise the contract. Roads Service expects to contribute approximately £300,000 towards the overall cost of this exciting scheme."
(LB/BMcC)
