Teignmouth is to benefit from two and a half million pounds of regeneration funding in the next financial year.
Some of the money will be used to improve the sea front, including the Carlton Theatre.
The district council says it will also invest in the creation of new industrial units to help boost economic growth.
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Opponents unite to demand Exeter elections
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Devon politicians will head to the capital
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Plymouth won't postpone them
Two WW2 bombs safely removed in Devon
Cordons lifted in Exmouth and Plymouth
New Exeter City winger joins from Sunderland
Timur Tutierov on loan until summer
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'The trade is hunkering down and hoping for the best'
