WILMINGTON, N.C. — The effort to replace the aging Cape Fear Memorial Bridge will receive a $242 million boost in a federal grant, officials announced Friday.

The U.S. Department of Transportation grant is funded through the Bipartisan Infrastructure Law, Gov. Roy Cooper’s office said in a news release.

Cooper hailed the funding as a “game-changer.”

“The Cape Fear Memorial Bridge is a critical lifeline for Wilmington and our economy, used every day by thousands of residents, tourists headed to the beach and truck drivers going to and from the port,” Cooper stated.

The 3,000-foot-long movable steel span, built in 1969, connects Brunswick and New Hanover counties. Although it is considered safe, its design does not meet modern standards and yearly maintenance costs about $500,000.

Replacing the iconic structure with a high-rise, fixed-span bridge is expected to cost $485 million.

Republican U.S. Sen. Thom Tillis has been a supporter of federal funding for the bridge project, and on Friday he said the grant “comes as welcome news for the residents of Wilmington.”

The bridge carries over 70,000 cars and trucks daily, and that number is expected to rise to 100,000 by 2050, Cooper’s office said.

The state Department of Transportation in May finished a $7.1 million project to preserve the bridge but noted that it was nearing the end of its life cycle.