A dedicated organisation to help improve Liverpool’s Gay Quarter will be set up after council approval.
A community interest company (CIC) will be established which will have the potential to tap in to funding and attract more investment to the area around Stanley Street.
The plans were approved on Friday by Liverpool City Council’s cabinet.
Councillor Nick Small said the Stanley Street Quarter was “a success story”.
He said: “It is a vibrant area which not only has a great night-time economy, but also has a number of highly successful independent traders.”
He said the vision for the Quarter “needs to be driven forward and it should be the local stakeholders who are directly involved in their area”.
The quarter was officially recognised around Stanley Street two years ago. An official Pride event has taken place in the area since 2010.
Andi Herring, the project officer for Stanley Street Quarter, said: “Being able to stand on our own two feet is a natural next step for the area. The community is certainly behind it”.
CIC’s are firms set up to use their profits and assets for the benefit of the local community.