The council and Sustrans, the walking and cycling charity, are each contributing £1.5million towards the project.
Councillor Jim Clocherty, Chair of the Greenock Town Centre Regeneration Forum, said: "Improving the environment at West Blackhall Street is a priority project for the council and for the Greenock Town Centre Regeneration Forum.
"There are many reasons why traditional town centres across Scotland and, in fact, the whole of the UK are in decline. This isn't a problem that is confined to Inverclyde.
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"Our goal, in the current difficult retail environment, is to make West Blackhall Street as attractive as possible to visitors, shoppers and diners alike with a view to increasing footfall and enticing people to stay in the area for longer. This will encourage them to spend more money at local shops, bars and food outlets, benefiting local businesses."
The West Blackhall Street project is also designed to 'future proof' the area so that it will be compatible with more sustainable forms of transport and zero-carbon targets.
The proposals will see the road being completely resurfaced and the drainage being improved to address long running issues with surface water and the condition of the carriageway.
Other key proposals include reducing the dominance of cars in the area by:
• Widening the pavements to create space for pedestrians and outdoor seating
• Reducing the number of car parking spaces by 29 (this will be offset by the creation of new parking on Jamaica Street)
• Installing a 2m wide segregated cycle lane
• Planting trees down one side of the street to improve the street's appearance and improve air quality.
