A skate park group said it was delighted that public land on Swansea's seafront will be handed over for a new leisure attraction.
Mumbles Skatepark Association is helping to raise money for a £361,500 skate park at Llwynderw, where the current mini half-pipe is.
The skate park has planning permission but could not get under way until a lease for the public land had been approved by Swansea Council.
Cabinet members have now unanimously endorsed a 25-year lease for Mumbles Community Council, which is delivering the skate park.
A Mumbles Skatepark Association spokesman said: "We’re delighted to see final approval has been given to enable the redevelopment of the site and the new skate park build to start in earnest.
"The work that has gone into the process to date has been phenomenal, and it's clear that Mumbles Community Council and Swansea Council see how beneficial this will be to the community."
Cabinet members said they were satisfied that all the necessary due diligence had gone into the asset transfer proposal, and that they would try to ensure the lease was finalised as soon as possible.
Cllr David Hopkins, cabinet member for delivery and operations, said: "This will leave a legacy for the people of Swansea, not just Mumbles."
The bowl-shaped skate park will be built by specialist firm Maverick, and take around 16 weeks to complete.
Addressing cabinet, Mayals councillor Linda Tyler-Lloyd, whose ward includes Llwynderw, said there was support for a skate park but also concerns about the location, how it would be supervised, and whether flooding issues had been taken into account.
Cabinet members said these matters had been addressed by an independent report or during the planning process.
Council leader Rob Stewart congratulated Mumbles Community Council on its ambition, and said he wanted the wider seafront to have "lots of opportunities" as well as the skate park.
"We know there is a heck of a job ahead for Mumbles Community Council and their partners to deliver this scheme but we wish them well in their endeavours," he said.
The community council is underwriting the full cost of the scheme, although it also intends to apply for grant funding of around £200,000 from the National Lottery when new applications are accepted.
It said it hoped to have a speedy response from the National Lottery and in the meantime would move ahead with finalising all the preparatory work.
It said annual running costs for the skate park were estimated at around £14,000 for things like grass cutting, bin emptying, insurance, and a sinking fund contribution.
The community council said it was confident these running costs would be offset by sponsorship and fundraising income.
It will continue its discussions with Maverick to firm up a time frame for the project.
Community council chairman Dr Martin O'Neill said the cabinet's decision was fantastic news.
"I would like to use this opportunity to express my gratitude to all those councillors who have worked tirelessly to make initiatives such as the skate park happen," he said.
A Maverick spokesman said it was seeing demand for good skate park facilities growing significantly across the UK.
"It will be good to see this project become reality after all the hard work that has gone in behind the scenes over the last few years," he said.
