Stormont Sports Minister Nelson McCausland said approval has now been given for the full business case for the 50 metre pool, which will be built by North Down Borough Council.
The government said it would invest £15m towards the new facility.
"I am pleased that we have reached this point which will allow the project to move forward towards its construction phase, which is currently on target for completion in 2012 and which will create much needed construction jobs," said Mr McCausland.
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"The project will go a long way towards addressing Northern Ireland’s need for world class sporting facilities and will deliver a sporting infrastructure previously unavailable."
The Minister said he is hopeful his department will announce further proposals for sporting facilities, currently being examined by Sport Northern Ireland under phase two of the Elite Facilities Programme.
He added: "I wish North Down Borough Council every success for the future development and construction of its new Leisure Complex, which will include the 50 metre pool. I look forward to hearing about its progress and to visiting again when building work commences."
(PR/BMcC)
