A derelict Art Deco theatre where the Beatles, the Rolling Stones and Buddy Holly played is to be restored with £4.5million of National Lottery money.
The funding will help transform the Grade II-listed Globe Theatre in Stockton-on-Tees into a live music and comedy venue with capacity for 3,000 people, creating the equivalent of 250 full-time jobs, the Heritage Lottery Fund (HLF) said.
As the National Lottery support was announced, Stockton-on-Tees Borough Council said the Ambassador Theatre Group (ATG) will operate the Globe for the next 25 years to attract top bands, artists and comedians.
The "super theatre" on the High Street in the centre of Stockton first opened its doors in 1935.
From the 1950s to the 1970s it was was a major venue hosting the likes of the Rolling Stones, Chuck Berry, Cliff Richard and the Shadows, Buddy Holly, Lonnie Donegan, Bay City Rollers and Mud.
The Beatles played the Globe twice, the first time on November 22, 1963 - the day US president John F Kennedy was assassinated.
The building closed its doors in 1997 and has since fallen into significant disrepair.
The money is being awarded through HLF's Heritage Enterprise programme which helps to restore historic buildings when doing so is not commercially viable, bridging the financial gap with grants ranging from £100,000 to £5million.
The project will cost £15million in total, with the council contributing £10.5million.
Ros Kerslake, HLF chief executive, said: "In almost every town and city there is at least one historic building, like the Globe, standing empty that at one time was at the heart of the local community.
"Whilst much-loved, these buildings present huge financial challenges. Heritage Enterprise is using money raised through the sale of National Lottery tickets to unlock the potential of the Globe.
"The result is good for us all - wider regeneration, substantial local economic growth, much-needed new jobs and a wonderful part of our heritage saved from further neglect."
Bob Cook, leader of Stockton-on-Tees Borough Council, said: "A project of this scale and nature requires substantial investment to attract world-class operators and to be feasible outside of London so we are hugely grateful of the funding from the National Lottery.
"The live entertainment venue will create 250 jobs and attract artists and performers who will bring more than 200,000 visitors to Stockton town centre every year, visitors who will also spend money in the nearby shops, cafes and bars, generating an estimated £18million boost to the local economy each year.
"That's an incredible opportunity for people living and working in our borough and will make a huge difference to the future economic prosperity of Stockton-on-Tees."