Kilmarnock's Palace Theatre is to be refurbished after landing £20 million of UK Government cash.
The historic building will receive a share of the £2.1 billion Levelling Up Fund being distrubuted to projects across the country.
A total of 10 projects in Scotland have today been allocated more than £177 million from round two of the Fund.
Money in Kilmarnock will be spent on the regeneration of the Palace and a new park near the town square.
Other projects to receive cash today include a new ferry for Fair Isle and regeneration in Stirling.
In Aberdeenshire, £20 million will transform Peterhead’s disused Arbuthnot House into a new museum, library and cultural hub.
Prime Minister Rishi Sunak said: “Through greater investment in local areas, we can grow the economy, create good jobs and spread opportunity everywhere.
“That’s why we are backing a number of projects with new transformational funding to level up local communities in Scotland.
“By reaching even more parts of the country than before, we will build a future of optimism and pride in people’s lives and the places they call home.”
Levelling Up Secretary Michael Gove said: "We are firing the starting gun on more than a hundred transformational projects in every corner of the UK that will revitalise communities that have historically been overlooked but are bursting with potential.
"This new funding will create jobs, drive economic growth, and help to restore local pride. We are delivering on the people’s priorities, levelling up across the UK to ensure that no matter where you are from, you can go as far as your talents will take you.”
Scottish Secretary Alister Jack added: "It's fantastic to see real momentum gathering as we level up across Scotland.
"This latest round of UK Government funding will see more than £177 million invested into 10 exciting projects which will breathe new life into communities across Scotland.
"Working with local partners we are boosting culture and leisure in Aberdeenshire, Galloway and Kilmarnock; improving connectivity in Shetland and Dundee; regenerating Greenock and Cumbernauld town centres; unlocking huge swathes of land for green development in East Lothian and Stirling; and helping communities in Fife connect with nature.
"We must and will continue to invest in initiatives that will make a difference to communities and help grow our economy."
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