Funding of £3.32 million has been provided from the Department for Communities (DfC) and Causeway Coast and Glens Borough Council to support the project.
This investment will bring forward plans to upgrade an area at Ramore Avenue to include an events area, new pavilion, bowling green, children's play area as well as an urban plaza that will act as a public space that can also accommodate skateboarding and other urban sports.
Announcing an investment in the scheme, Communities Minister Deirdre Hargey said: "I am delighted to be able to provide funding of £1.42m to help to deliver another significant regeneration initiative in Portrush.
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"This funding will see the recreation grounds area transformed to provide new sporting, play and leisure facilities including an urban plaza where the likes of skateboarding can be enjoyed.
"With The Open set to return in 2025 this investment will build on and complement the regeneration work already completed in Portrush and provide a new space for all to enjoy."
The Mayor of Causeway Coast and Glens Borough Council, Councillor Richard Holmes, added: "This welcome regeneration project is an important step forward in enhancing the potential of this outdoor space in Portrush.
"We have engaged closely with the local community to develop plans for this underused area which will provide much needed additional recreation opportunities in the town.
"With the recent announcement of The Open's return to Portrush in 2025, it is fitting that the previous event's legacy continues to pay dividends and we are looking forward to seeing the scheme develop in the months ahead."
A contractor is expected to be appointed later this month, with the scheme scheduled for completion by Autumn 2022.
