Council planners have approved £82m to upgrade Coventry Station into a new transport hub and a £12m plan to improve the Upper Precinct in the city centre.
The railway station, which was opened in 1962, will proceed in two phases and has been designed by D5 Architect and consultant WSP.
The first phase to construct a new footbridge and canopies and an access tunnel under Warwick Road is already underway.
The second phase involves building a 633-space multi-storey car park, new station concourse with access to all platforms and Warwick Road, and a new pedestrian route via an access tunnel under Warwick Road to a new bus interchange.
Coventry City Council is working in partnership with Network Rail, Virgin Trains and other rail operators, Transport for West Midlands, Friargate Coventry LLP and other stakeholders to deliver the scheme.
Work is hoped to be completed by the end of 2020.
At the same time, plans by Shearer Property Group to revamp the Upper Precinct shopping area were also backed.
These plans will see the removal of big escalators and footbridges which connect the area to West Orchards Shopping Centre and re-establish the view to Coventry Cathedral.
Empty upper floors of the Upper Precinct will also be turned into new 75-room student accommodation. Preparation work begins this week before the major work starts after Christmas.
Both schemes will receive £30m funding from the Government’s Local Growth Fund through the Coventry and Warwickshire Local Enterprise Partnership.