FP McCann have been appointed to carry out the development of the area in the town known as Station Square.
The Department of Social Development is providing funding of £1 million to Coleraine Borough Council for the regeneration.
There is a total funding package of £2 million for this scheme with costs being shared between DSD and Coleraine Borough Council. Work has already started and the contractors FP McCann are on site.
The NI Social Development Minister, Nelson McCausland said: "This scheme will not only improve the area around Station Square but will provide a welcome boost to the whole town. It will complement the improvement scheme on the East Strand, which I officially opened with Arlene Foster in July.
"This scheme will make an important contribution to the process of regenerating Portrush to ensure it remains as one of Northern Irelands leading seaside resorts".
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The Minister acknowledged the role of Coleraine Borough Council, which will lead the delivery of the scheme: "This project provides an excellent example of what can be achieved by working in partnership with Councils".Mr McCausland also welcomed the employment opportunities that the scheme will create in the construction industry.
Station Square is a high profile project as it is the main gateway to the town centre giving visitors their first impressions of the resort.
Meanwhile Mr McCausland has also launched a 12 week period of public consultation on the draft masterplan for Coleraine town centre centre.
The purpose of the masterplan is to provide strategic guidance for the regeneration and development of Coleraine town centre for the next 15-20 years.
Proposals include a new distributor road connecting Lodge Road to Ballycastle Road which will open up development opportunities and provide alternative access points to the town.
A new East link road to Railway Road which will provide a further link to the strategic road network.
Also being considered is a new civic space along Railway Road, a pedestrian footbridge across the River Bann and additional pedestrian and cycle trails along both sides of the river.
Mr McCausland said: "This is an opportunity for everyone who has an interest in Coleraine town centre to have a look at what is proposed by the draft Masterplan and have their say.
"A revitalised town centre will ensure that Coleraine re-establishes itself as a retail hub, tourist destination and business centre with a waterfront and marina that will add vibrancy and new life to the town".
The draft masterplan will be on display from from 30 September to 14 October 10.30am to 3.30pm in Coleraine Town Hall. Officials manning the display will be available up until 5 October to answer any queries.
(LB/BMcC)
