Halifax Piece Hall in West Yorkshire, UK, is to undergo a £16m ($23m) renovation to create a public square.
The renovation project involves building a new fourth entrance through the exterior wall and transforming the huge courtyard into a town square.
The upper level of the Grade I-listed building will be turned into business units while the middle floor will house retail spaces.
Calderdale Council aims to sign up a project management firm to oversee the renovation.
The project is expected to receive National Lottery funding in November 2011, according to constructionenquirer.com.
The final detailed planning application will be submitted in 2011, with approval expected in 2012.