The long-anticipated overhaul of San Francisco’s Market Street has received a push forward in the form of a $15 million grant from the federal government.

On Tuesday, the Department of Transportation announced the city would receive $15 million for the first phase of Better Market Street, a $604 million project that will bring pedestrian, bicycle and public transportation improvements to 2.2 miles of Market Street between Octavia Boulevard and the Embarcadero.

Phase one of the project will cost $71.5 million and will focus on the stretch of Market Street between Sixth and Eighth streets. Improvements in this phase will include roadway resurfacing, streetcar track replacement, new and upgraded traffic signals, and a new F-line streetcar turnaround loop at McAllister and Seventh streets.

“It is a privilege to announce this new, transformative investment in San Francisco’s infrastructure, which will help deliver a modern, efficient transit system worthy of America’s cradle of innovation,” said House Democratic Leader Nancy Pelosi of San Francisco. “The Better Market Street initiative will cut through the congestion and improve speed and capacity for millions of workers, students and families, while better protecting pedestrians and bicycles.”

The grant comes from the fiscal year 2018 Better Utilizing Investments to Leverage Development program, known as BUILD.

San Francisco Mayor London Breed credited Pelosi with securing the funding, noting her “steadfast support” for the Better Market Street project.

“The Better Market Street initiative is central to our efforts to increase public safety and make smart investments in our infrastructure to prepare for the future,” Breed said.

Better Market Street is currently in the environmental review and design phase. Construction is to start in 2020.

J.K. Dineen is a San Francisco Chronicle staff writer. Email: jdineen@sfchronicle.com

Twitter: @sfjkdineen