Brighton's Saltdean Lido awarded Heritage Lottery funding
Brighton's run-down Saltdean Lido is to receive more than £4.7m of funding from the Heritage Lottery Fund.
The owners said the money would enable them to "renovate and revitalise" the site.
The Saltdean Lido Community Interest Company (CIC) has been granted a 60-year lease to operate the pool by Brighton and Hove City Council.
The 1930s art deco structure is the UK's only Grade II*-listed lido.
The restored lido will have a heated outdoor pool, indoor and outdoor play areas, a cafe, a gym and a library.
In January, the lido was given a grant of £2.5m from the Coastal Communities Fund.
The owners said they still had to raise £2m to fund the project and will be issuing a community share scheme, similar to that launched by Hastings Pier which raised almost £600,000.
They expect about 300,000 people will use the lido next summer after completion of the first part of the £5m project.
Rebecca Crook, chairwoman of Saltdean Lido CIC, said: "The Saltdean Lido CIC will be creating new jobs and bringing new revenue and much needed investment to the area.
"However, there are many challenges for community groups such as ours who are bringing heritage buildings back into use."
The lido has been closed for several years and the buildings remain on the English Heritage 'at risk' register.