A potentially major economic opportunity for Victoria's Eastern Maar people is one step closer to being realised after a historic land rights determination earlier this year.

Last week, Victorian Minister for Regional Development Harriet Shing and Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King announced a $108 million injection of funding and partnership with the Eastern Maar Aboriginal Corporation (EMAC) for the Twelve Apostles Precinct Redevelopment along the state's Great Ocean Road.

The site is at the heart of the coastline recognised as Easter Maar land last month.

Minister Shing said the project aims to create a "lasting legacy as an international, cultural and environmentally conscious tourism drawcard for the region and Australia for decades to come".

The precinct is set to include a Visitor Experience Centre and including tourism-focused infrastructure that will become the new gateway for visitors.

EMAC chief executive Marcus Clarke said the project presents a "once in a lifetime" opportunity.

"We are excited to join in a participatory design process to share in a new vision for the Twelve Apostles precinct that equally projects our shared stories and histories connected to this iconic place and the broader Great Ocean Road," he said.

"This is a once in a lifetime opportunity to position the new Twelve Apostles precinct into an even more attractive destination for visitors and locals alike; a destination that balances, safeguards and amplifies our natural and cultural assets alongside increasing visitor numbers."

Plans to move things forward have been in place for three years.

EMAC chair Jason Mifsud said there are "significant opportunities for us to then start to assert our economic rights in particular areas across the region".

"And given the significance of the Twelve Apostles redevelopment, of which we've had a seat at that table now for a number of years.. that is the design of the development phases," he said.

Mr Mifsud said he feels the Corporation is "well placed" in terms of capacity to benefit from what they can bring to table.

However, the immediate future for their involvement remains unclear.

He said the exact position of Eastern Maar peoples within the project's delivery "has not yet been consolidated" and "legitimate conversations" are still waiting.

EMAC remains "cautiously confident" this can be explored.

"We think we're well placed to by way of relationships and being in the right rooms to enter into meaningful economic discussions that develop or deliver a return back to our community benefit," Mr Mifsud said.

"(Those conversations) are much closer today than they have been... in light of where the broader project development is up to.

"We would be hopeful over the next... three to six months that those at least in principle agreements are are understood, let alone any other formal agreements and or legally binding agreements to that effect."

Cultural experiences for tourists are one idea in mind.

"What it looks like on day one versus year 10 I think, our ambition would be to evolve to see more of ourselves and to have more benefit coming back to the community," he said.