The Biden administration awarded Massachusetts nearly $400 million Friday to replace one of the Cape Cod bridges deemed “functionally obsolete” and no longer meeting the needs of the traveling public.

U.S. Sens. Elizabeth Warren and Ed Markey and U.S. Rep. Bill Keating said the federal Department of Transportation approved an application from the state and U.S. Army Corps of Engineers for $372 million to start replacing the Sagamore Bridge.

“This funding is a critical down payment on the effort to replace the Sagamore and Bourne bridges and a recognition that replacing the aging bridges will bring immense economic, environmental, and social benefits to Cape Cod, the Islands, and the entire Commonwealth,” the trio said in a statement.

Both the nearly 90-year-old Bourne and Sagamore Bridges are the only roadways leading onto Cape Cod, and a March 2020 report from the U.S. Army Corps of Engineers found the “most cost effective” means of providing safe and reliable crossings would be providing two new highway bridges.

State and federal lawmakers have long sought federal funding to replace the aging structures, and Gov. Maura Healey said the money awarded this week was a “huge win” for Massachusetts. The Healey administration this year has applied for $1.45 billion in federal funding to replace the bridges.

“Our administration said from day one that we were going to compete aggressively for federal funding to bring home to support crucial infrastructure projects in Massachusetts, like the Cape Cod Bridges project,” she said in a statement.

More money could be on the way. A U.S. Senate appropriations bill this year included $350 million for the project, money that was also included in President Joe Biden’s budget proposal. Additional grant applications are still pending.

Officials have estimated the cost to replace both bridges stretches up to $4.5 billion, and a report prepared earlier this year by Warren, Markey, and Keating suggested not upgrading the bridges would be “catastrophic.”

“The current condition of the bridges is untenable, and without replacements, problems will only grow,” the October report said.

Massachusetts Transportation Secretary Monica Tibbits-Nutt said the $372 million is “key” to the overall effort to replace the bridges.

“We could not be happier for this award, which is essential for supporting the economy of Cape Cod and surrounding communities and ensuring safe and reliable travel for residents, workers, and millions of annual visitor,” Tibbits-Nutt said in a statement. “It presents a powerful opportunity to modernize the design to improve safety, mobility, and resiliency; increase economic vitality; and improve access through better pedestrian and bicycling infrastructure.”