Council chiefs have approved the ambitious £125million Eden Project North.
Planners gave the green light for the proposals which are expected to create hundreds of jobs for the area.
The attraction is linked to the Eden Project in Cornwall, but its focus will be on marine life in Morecambe Bay, north west England,
Lancs live reports the development will be based on the area's seafront and will bring economic benefits to the seaside town.
It is close to Grade II-listed buildings, including the restored art deco Midland Hotel and the Winter Gardens, which is being renovated as a concert and events hall.
The team behind the project aim to 're-imagine a seaside resort for the 21st Century'.
The proposals are expected to cost in the region of £125m and provide 'significant economic, environmental and social benefits'.
Built on the site of the much-loved and long-lost swimming pool Bubbles, the plans for the new visitor attraction show five shell-shaped domes built on the coastline.
It's projected to attract around one million visitors a year once completed, with work expected to complete for an opening in 2024.
Lancaster City Council has approved planning permission for the eco-tourism attraction with proposals including shell-shaped exhibition pavilions, indoor and outdoor activities, and extra events through the summer.
Councillors on the local authority's planning committee voted in favour of the long-awaited application on Monday.
Visitor numbers at the attraction could reach up to one million a year, according to the planning blueprint.
The new attraction will have three main areas and should be able to hold up to 4,000 visitors a day and an average of 750,000 visitors a year.
Councillors heard the updated proposals include main zones designed around themes of the bay, above and below the bay, human well-being and an observatory.
Hundreds of jobs are expected to be created with the new seafront venue, which is linked to the Eden Project in Cornwall but will be distinctly focused on Morecambe Bay.
The bay area is of international importance to wildlife including migrating birds from across the world and is described by Eden Project as having some of the finest views in England.
It is also seen as a good location between Lancashire, The Yorkshire Dales and the Lake District for a more-sustainable type of tourism.
The economic boost could also benefit Lancaster and wider bay region, Eden Project believes.
It will also include exhibits, performance space, learning, play and immersive experiences, alongside three café-restaurants, a visitor centre and retail space.
Overall, the range of indoor and outdoor experiences are designed to connect people with Morecambe, councillors were told.
Eden Project hopes the new site will open in 2024 with a building period of two years.
The proposed development will directly employ around 390 full-time equivalent staff with a maximum of 280 workers on-site at any given time.
In addition to the main venue, an outdoor arena holding up to 6,000 people is included in the proposals. Up to eight late-evening events are planned each year during summer, between 6pm and midnight.
Eden North will hold regular online community forums this year to discuss different aspects of its plans and activities.
