Filwood Broadway is to be revamped following an investment of £14.5 million as part of the Levelling Up scheme.
The plans - now approved by Bristol City Council - will see Filwood Community Centre transformed into a dynamic cultural hub.
Xanthe Swift, who sits on the Board of Filwood Community Centre, said "Thank you to everyone involved in the bid. Bristol City Council recognised the huge potential for change in the area and Filwood’s strong community spirit. We’re looking forward to Filwood Broadway finally looking as good as we all know it is!"
The regeneration will also replace a derelict cinema affordable housing and a commercial space for retail or community use. Nick Haskins, of Knowle West Residents Voice Group, whose grandfather built the cinema, described the old picture house as the "beating heart" of the community.
Councillor Tom Renhard said the funding would be used for more than just housing. "This is about investing in Filwood Broadway, it's not just about houses, it's about homes and communities."
Filwood Broadway is in the 1.5% most deprived areas in England, and, for many, the investment is welcome news, allowing the community the chance to build on their assets and imagine new possibilities for the area.