It is hoped the planned environmental improvement scheme will enhance the area's physical character.
Road, street lighting, footpaths, and street furniture will all be upgraded as part of the scheme.
Social Development Minister Margaret Ritchie said the works will help bring social and economic benefits to the local community.
Ms Ritchie recognised the area has suffered from a lack of investment and regeneration.
"This environmental improvement project is helping to change that," she said.
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The Colin Gateway Environmental Improvement Scheme will focus on the Stewartstown Road, from the Teeling Roundabout to the Cutts roundabout.
It is the primary route for travel into the Colin Neighbourhood as well as a main route for travel into both Belfast and Lisburn.
Traffic congestion, the topography and the lack of building frontages have all be cited as problems on the Stewartstown Road.
Government officials say the prominent position of this road is reflected poorly in terms of overall layout, ad-hoc development, untapped economic potential, presentation of commercial premises, and attractiveness for residents, businesses and visitors alike.
Councillor Jenny Palmer, Chair of Lisburn City Councils Economic Development Committee welcomed the minister's announcement.
She said: "The council will play a key role in the management and administration of this funding, and in ensuring that this scheme will promote the Stewartstown Road as an attractive location to live, and for new business investment, as well as helping to restore local community pride and confidence in the area."
(PR/BMcc)
