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The news follows the award of £370,000 towards the project from the European Union's Programme for Peace and Reconciliation managed by the Special EU Programmes Body (SEUPB).
Belfast City Council has been working for a number of years with Belfast Urban Sports (BUS) to create an iconic city centre sports park. The council and Better Belfast are funding the remainder of the £500,000 total cost.
The new funding will allow construction of the park to begin by the start of 2009.
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Chairman of the Council's Parks and Leisure Committee, Councillor Bob Stoker, said: "We are delighted to have secured this agreement with the EU Programme for Peace & Reconciliation. We have been working with BUS on this development for more than three years.
"To see it finally being able to take shape is fantastic for us and for the skaters who are looking forward to a world class iconic Urban Sports Park in the heart of Belfast.
"It makes the hard work worthwhile. We have consulted with urban sports enthusiasts and are confident that what we will have will meet all their needs and allow urban sports to develop to their highest levels in Belfast.
"We also believe it will attract enthusiasts from all over Northern Ireland and even further afield."
Pat Colgan, Chief Executive of the Special EU Programmes Body, said: "One of the priorities of the new PEACE III Programme is to help create shared public spaces. The skate park is an example of how shared public spaces will contribute to a shared vision of the future and the changing of attitudes to enhance reconciliation."
The park will cater for skateboarding, in-line skating and BMXing
(PR/JM)
