A large crowd gathered at West Looe yesterday for the opening of the port's new Quayside Community Centre.
The smart and modern facility is to support and enhance the local community through a wide variety of uses.
The covered area can be used for events such as fish and farming markets, fishing industry training and festivals.
The centre will also house a permanent fishermen's shelter and facilities for visiting leisure craft.
The idea of harbour commissioner Mally Toms, the new building has the popular nickname of 'Mally's Shed.'
Looe Harbour Commissioners secured £109,000 from the Cornwall and Isles of Scilly Fisheries Local Action Group (FLAG) for the project, which they match funded themselves. Funding also came from Looe Town Council, East and West Looe Town Trusts and the Cornwall Council Community Chest Fund.
Representing FLAG, Anthony Vage said: 'This project represents a significant investment from FLAG in one of the most important fishing ports in the region. This project benefits not just the fishing industry but the wider community of Looe.'
The centre was officially opened by chairman of Looe Harbour Commissioners Joseph Bussell and among those attending were representatives of all the partners involved in seeing the project to fruition.
Looe Harbourmaster Jeff Penhaligon said: 'It was a brilliant occasion with good comments from local people.'