The project will form part of Folkestone's ongoing regeneration scheme, which include its popular arts festival, Folkestone Triennial, and a "master plan" for the town's seafront.
Guy Hollaway, principal from Guy Hollaway Architects, told CNBC that the project's key focus was "investing in the younger generation."
"If you make childhood meaningful through education, sport, recreation then it's more likely that they'll invest in their town and the future and perhaps stay and bring up their own children there – that is what true regeneration is about," Shedden said. "It's an opportunity to put Folkestone on the map."
The multilevel skate park, which will be located in the town's center, will be a symbol of the importance of its younger residents, Hollaway told CNBC, adding that the center's design will act like a protective "shroud."