The city council, which currently owns the land, has agreed to lease the site to Eden during the design, planning and development stage of the project.
It has also agreed to extend an option for Eden to purchase the site once funding and planning permission have been secured.
The site is on the Morecambe seafront and was formerly occupied by the Bubbles leisure complex. It overlooks the world-renowned Morecambe Bay and is adjacent to the Midland Hotel, a stunning example of art deco architecture and Grade II* listed building.
Eden and the council have also agreed that following the project’s opening, a community fund will be set up to benefit the Morecambe area.
Councillor Dr Erica Lewis, leader of Lancaster City Council, said: “Eden Project North promises to be a transformative project that will deliver considerable social and economic benefits for Morecambe, the district and the region.
"This agreement is the next demonstration of the city council’s commitment to the project. We hope the Government will demonstrate its commitment soon.
“I’m particularly pleased this agreement includes important elements of the city council’s community wealth-building policy, including the creation of a community fund, which will ensure the people of Morecambe directly benefit for generations to come, as well as commitments to local purchasing and good local jobs.”
David Harland, Chief Executive of Eden Project International, said: “This is an important landmark for Eden Project North and we’re grateful to Lancaster City Council for their hard work in making this happen.
“This site on the Morecambe seafront is an ideal location for us to bring the incredible story of Morecambe Bay to life for our visitors. We’re looking forward to making this project a reality.”
Eden began the planning process in June last year by submitting its Environmental Impact Assessment Scoping Report. A full planning application for the project is due to be submitted in early 2021.
Eden Project North is due to open in 2023, following a two-year construction period.
Eden Project International Limited (EPIL) is working with Lancashire Enterprise Partnership, Lancaster University, Lancashire County Council and Lancaster City Council to deliver Eden Project North.
EPIL is the global wing of the Eden Project, whose ambition is to create projects inspired by the original Cornish vision in every habitable continent on earth.
The Eden Project in Cornwall has contributed more than £2 billion to the local economy and welcomed more than 21 million visitors since it fully opened in 2001.
