Belfast City Council has agreed to purchase the Assembly Rooms, which dates back to 1769 and was the scene of a number of famous historical events, from Castlebrooke Investments.
Vacant since 2000, Assembly Rooms is a Grade B1 listed heritage building on the corner of North Street and Waring Street and is one of Belfast's most prominent and architecturally important public buildings.
It is where plans to establish a slave trading company were rejected in 1786, the famous Belfast Harp Festival was held in 1792, and where Henry Joy McCracken was sentenced to death in 1798.
In addition to the Assembly Rooms, adjoining lands and buildings to be purchased by the council include part of the Donegall Street car park, 5-9 North Street (former Laffin Travel building) and Braddell's Building, a Grade B1 listed building at 11 North Street.
Chair of Belfast City Council's Strategic Policy and Resources Committee, councillor Natasha Brennan, said: "Assembly Buildings is a significant acquisition for the council. It's going to secure the future of a truly historic Belfast building, breathe new life and vibrancy into the Cathedral Quarter, and boost civic pride.
"Along with our work on the nearby Belfast Stories - which will be a visitor attraction, public space and creative hub, integrating the restoration of the unique 1930s Art Deco former Bank of Ireland building when it opens in 2030 - we're investing in parts of our city centre which have great historic character to ensure that these wonderful heritage assets are given life, purpose and relevance for generations to come.
"We're continuing to focus on revitalising and enhancing our city centre because it's the beating heart of Belfast."
Following further engagement involving elected members and other stakeholders, the council will take forward future use proposals to support the conservation, adaptive reuse and reactivation of the Assembly Rooms and Braddell's Building.