A new hotel, food market and office and retail space will make up the new Clerys Quarter in Dublin.
Work on transforming the site of the former department store on O'Connell Street is expected to begin in the next few months.
A tendering process is underway, but the owners say they're aiming to begin construction in the first quarter of the year.
The historic store shut its doors in 2015 with the loss of 460 jobs.
The building's new owners are now promising the space will become a "world class retail, office and leisure destination".
According to the companies behind the project, it's hoped the new space will create more than 400 new jobs in the local area when it's completed in 2020.
"Traditional elements and modern concepts"
'Clerys Quarter' is described as incorporating "traditional elements and modern concepts to create a new city centre destination that will regenerate Dublin’s landmark street".
Existing Clerys' features - including staircases, columns, ceilings and the famous clock - will be restored.
The development will include more than 8,000 square metres of office space across two buildings.
Retail space will be spread over the basement, ground and first floors of the existing Clerys Building.
Earl Place Market, meanwhile, will be a street-level space for restaurants, cafes and bars.
Finally, a 176-bedroom hotel is being developed at the rear of the existing building.
The former warehouse will be the second new hotel in the area, with another one currently being developed by a separate firm.
Graeme McQueen from Dublin Chamber said the plans look very impressive.
It's pretty hard not to get excited about the new plans for Clerys. It's a building that deserves to be the jewel in the crown of O'Connell St - and looks like it will soon be exactly that again! #BetterDublin pic.twitter.com/vY4V0mzc0g
— Graeme McQueen (@GraemeMcQ) January 25, 2019
He observed: "You're going to have hundreds of construction jobs in the city, and once it's finished there will be lots of jobs created.
"I think it's good news for everyone. I look forward to it being finished at the end of next year."
He added that it will put Clerys at the heart of the city centre again, suggesting: "I think that's something all Dubliners would like to see."
