The investment, which will be carried out over the next five years, could see £18.9m in council funding go towards the initiatives.
The project initiation document was proved by members on Thursday (22 January) to develop nine projects, as well as how the programme will be managed and funded.
The first project will be the development of access to the Oban Airport business park. Work is expected to commence in September.
Welcoming the announcement, Councillor Ellen Morton, Policy Lead for Special Projects, said: "This is a big step forward for this ambitious investment programme, which will enable better use of Oban Bay, deliver 1,000 new homes and create over 600,000sqft of commercial, business and retail space.
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"The project initiation document is part of the robust, evidence based process the council uses for big investment decisions. It will serve as the foundation document that we refer to as we move forward with developing the full business cases for each of the nine projects.
"Crucially it sets out how we make these decisions – through the local area committee and then the policy and resources committee."
Councillor Roddy McCuish, Chair of the local area committee, added: "I welcome the progress of the Lorn Arc initiative and am looking forward to the £600,000 Oban Airport business park project starting later this year. We've already got a lot of interest in new business units which is a strong indicator that there is demand for this business park.
"Officers will now be developing a full business case which will have greater details and set out the options. This should be ready for consideration in May, with work on site set to begin in September."
(JP/IT)
