The development will transform the existing sheds in a diverse complex of two restaurant/bars, a café, and artist’s studios, adding vibrant life to one of the area’s most historic harbours.
The development will now go forward to the stage of formal planning applications, but it is hoped work can start late this year.
Development plans were put out to competitive tender before the Pineapple proposals were accepted.
Leader of the Council, Sandy Ezekiel said "This is great news for Margate. The development should increase footfall down the crucial area of the High Street. It will also link directly with the Turner Centre, which will be directly opposite. The visual aspect of the harbour arm should also be dramatically improved. We know Margate needs to look better and work better for people visiting."
He added: "There’s no golden bullet with re-generation. This is part of a plan that stretches five years, and ten years into the future. This is just the first phase, but it’s a major step forward. Without the Turner project, developers would not be looking to take on projects like this. It’s a positive message."