The Quadrant development will receive £4.75 million of Government funding as one of six projects in Lincolnshire to secure investment.
The development in Wyberton - which features a new home for Boston United, 500 houses, a supermarket and new road - got the cash as part of the Growth Deal.
The money has been negotiated by the Greater Lincolnshire Local Enterprise Partnership (LEP) - with £40 million for the county for 2015/16.
The projects to get cash are:
Grantham Southern Relief Road – £16 million
Boston Quadrant – £4.75 million
Boole Technology Centre, Lincoln – £3.38 million
Unlocking Rural Housing – £4.13 million
Bishop Burton College – £7.5 million
Skegness Countryside Business Park (including western relief road) – £4 million
Ursula Lidbetter, chairman of the Greater Lincolnshire LEP, said: “The deal we have secured represents a major boost to our economy
“We have worked very hard to achieve this very positive outcome in the face of some stiff competition from other regions.
“From the moment we were invited by Government to put together our strategic economic plan, we worked with our local partners to develop our assets and address our key economic challenges across Greater Lincolnshire before outlining the proposals that will bring about sustained economic growth.
“Not only will the Growth Deal support job creation, it will also improve our skills base and allow us to invest in our infrastructure to meet the economic needs of the future.”
Councillor Martin Hill, Leader of Lincolnshire County Council, said: “We put in a strong bid with a range of exciting projects which demonstrate Lincolnshire’s potential for growth.
“And the size of this investment clearly shows that we’ve convinced Government that the county is a good place to do business.
“I’m particularly pleased with the significant contribution towards Grantham’s southern relief road, which will be of real benefit to the town both in easing congestion and driving economic growth.
“We can now focus on bringing all these ambitious plans to fruition, helping to both safeguard and create jobs locally.”
The LEP says the projects will create 1,857 new jobs, deliver 2,300 new houses and lever in an additional £94 million in investment.