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The Rathbone Market redevelopment will be able to proceed after being given funding from the London Homes and Communities Agency (HCA).
The project will provide a total of 650 new homes in the area as well as new shops and cafes, a revitalised market and community facilities. Work is expected to start in Autumn 2010.
The 680,000 sq ft scheme will be one of the first sites to be developed within the overall masterplan for the Canning Town and Custom House area.
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The redevelopment of the market is at the heart of Newham Council's overall vision for Canning Town and Custom House and will kick off the regeneration of the whole area.
The cash for the scheme had previously been at risk following funding cuts by the coalition government.
Newham Council will now be working with English Cities Fund, its development partner at Rathbone Market, to take the scheme forward.
Councillor Conor McAuley, Executive Member for Regeneration and Strategic Planning said: "This is excellent news for residents and traders in Canning Town and Custom House. The regeneration of this area is one of the greatest priorities for Newham Council."
"We have been working very hard with our partners and developers to secure the future of the project. The plans will radically transform the area into a thriving place of choice for existing and new residents and businesses."
(CD/GK)
