Plans for the refurbishment and restoration of the Blackpool Tower and Louis Tussauds Waxworks have been praised by the council.
Leisure operator Merlin Entertainments, which takes over the running of the attractions in November, has unveiled the proposals.
Blackpool Council completed the purchase of Blackpool Tower, the Winter Gardens and the Golden Mile Centre in March from Leisure Parcs.
Cllr Peter Callow, leader of Blackpool Council, said "Bringing the Tower into public ownership is already paying off and I'm delighted to see the plans Merlin has for the whole complex. This Council wants people to think of Blackpool as a family friendly resort and these new attractions are bound to attract new visitors.
"Having seen what has already been suggested I have no doubt that Merlin is exactly the right partner for us on this project, and that working together we make local residents proud of what their town has to offer.
"We want residents to feel real ownership and pride in the new Tower Complex and the project as a whole. It is "our" Tower now and we plan to breathe new life into this wonderful building."
The council said work will start on transforming Louis Tussauds waxworks into the only Madame Tussauds outside of London once Merlin takes over operation in November.
Blackpool Tower is also set to have new attractions including a dungeons and a 4D cinema experience.
The Grade II-listed Winter Gardens will undergo a first phase refurbishment and upgrading programme to create a new multi-purpose conferencing venue for events and functions.
The first phase of the project expected to be completed in time for the beginning of the 2011 tourism season.
The deal was worth £38.9m with investment divided between the Northwest European Regional Development Fund, which contributed £14m, North West Development Agency, £7.9m, and the Homes & Communities Agency, £7m.
The council contributed £10m towards the refurbishment deal.