The deal, which is part of the Towns Fund, will breathe new life into Truro’s waterfront.
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The development will also include large areas of public open space, as a result of the Covid pandemic and children's play area.
Once the land is prepared and ready for the modular homes, the homes can be assembled onsite within eight weeks.
According to the developers, this will breathe new life into the area and mark the start of the area's retail revival.
The provisional investment to regenerate Kingswood high street is linked to WECA’s ‘Love our High Streets’ programme and is subject to government funding being secured.
Plymouth City Council, Devon County and South Hams District Council have submitted the bid in an attempt to unlock £35m pounds of funding for the area.
'Our new relationship with Arcadis, supported by Arup and Mott MacDonald, means we can leverage the council’s capacity and expertise to better develop infrastructure plans.'
Each workspace will be built to BREEAM ‘Excellent’ standard and will minimise carbon emissions during both construction and operation.
‘This is a fantastic opportunity to showcase the best of Cornwall and the UK on the world stage, and to build our strength and prosperity at home.'
‘These projects are just the start of the exciting transformation of Torquay,’ said deputy council leader, Cllr Darren Cowell.