As you say there is a lot of money (Government Levelling Up and some private) being spent. A lot of the levelling up money is on local government projects re-locating jobs, although moving the courts then unlocks the existing site for private investment.
The problem Blackpool has now is that it is mainly short stays. Long gone are the days when family came for 7 days. Its now day trips or a couple of nights. Its just to easy to get here now with the motorways and train. Cars now so reliable you would be happy doing a 3hr motorway drive in the smallest engine car. Imagine doing a day out trip from Sheffield to Blackpool in the '70s in a British Leyland car

Now 2-2.5hrs each way is no problem. Leave at 8am in Blackpool by 10:30, leave at 6, back home by 8:30pm
Some hotels are making the investment. A few years back a couple of adjacent hotels down the South end of town on the Promenade closed. These were bought by Hampton by Hilton and demolished with part of the site rebuilt and the remainder a car park (2018 - 130 rooms). They have now extended the hotel (opening very soon) over the car park with an additional 74 rooms. Not the prettiest looking of buildings, but I bet the rooms are better than any of the other hotels on the Promenade.
Lots of work going on, will it make any difference? not sure.
Tramway extension from North Pier down Talbot Road to Blackpool North train station. This will be the first time since about '63 that the trams will run on a route other than on the Promenade. although it is only about 1/4mile long. Apparently cost about £20m. Should be up and running (test runs have been made) later this year when the hotel being built on the site has been completed. I've not spoken to any locals that think it is a good idea. The council seem to think that people are going to flood of the trains (and walk past the Taxi rank) through an under pass to the tram station to get on a tram (when it arrives) and apparently don't have any luggage storage on the trams. The trams will then go either north or south on the prom as normal.
Town centre office area Phase 1 already done a few years ago opposite Blackpool North train station. Big Sainsbury's store and office building that houses the general council office workers. The public facing council jobs are still carried out down the road near North pier. Had space for shops on the ground floor of the new council building, some still vacant I think.
Phase 2 is just starting by the Sainsburys and council offices. 7 floor office building. This is gong to be occupied by 3000 Department for Work and Pensions staff who are being relocated from another site in town. This move should happen in 2025, but they have recently been told by the current site owners they need to leave this year. So they are going to have to relocate over a couple of the local government sites before going to the new site in the town centre when ever that completes.
They are also creating a Multiversity in this area. I have no idea what a Multiversity is, but assume it is something to do with Blackpool and Fylde College. Both of these developments involves buying up lots of properties.
Winter Gardens Recently completed extension to the Winter Gardens complex that incorporates more modern conference and exhibition facilities.
Sands Venue This is the site to the left of the taxis in the original article. It was the site of the Palace nightclub (and other shops/pubs) during the '80/90s. It was then the Sands venue which was like a show bar for a few years. Its been partially knocked down and then rebuilt and will be a hotel. Its all black steal work and dark tinted windows. The building looks complete, with the Wild West Gril and Spyglass wine bar being open on the ground floor on the Promenade side. But it has all gone quiet on the hotel side of things.
Old central Station site This is about 200yds behind where the taxis are. Its the site of the old massive Central train station, that the council closed in 1964 (over-riding Beeching who wanted to close Blackpool North). Since then its been car park and site of the main Police station (recently relocated to near the M55 junction) and the Magistrates Courts. The Courts are awaiting to be relocated to just outside the town centre, although this site is currently the temporary ambulance station while there normal station is nearing completion of a rebuild. The central station will be redeveloped as a year round entertainment complex with hotels bars, entertainment complex, multi story car park (last one on this site had to be demolished as it was unsafe).
https://blackpoolcentral.com/. Personally I would like to have seen a 10k capacity arena built. Something that could be used multiple times a week for shows and concerts, but that would be seen as competition for events at the Tower, Winter Gardens, Grand Theatre. We can do stuff to around 2k capacity but nothing more. This project was announced in 2017/18?, the first diggers were on site late '22 to start on the car park.