A project to revamp the former Municipal Bank building in Birmingham city centre has been approved by city planning chiefs.
University of Birmingham will carry out a major renovation of the Grade II-listed building in Broad Street after acquiring the site in 2016.
The building will be adapted to accommodate a year-round public programme, a new incubator hub for student and graduate start-up businesses and a range of collaborative spaces for research, policy development and a new leadership Institute.
The old banking hall and vaults will be re-opened to the public with exhibitions, events, workshops, performances and a café.
The formal stone and bronze entrance which faces onto Broad Street will be restored while a new rear glazed entrance is being created as part of the wider Arena Central scheme, facing onto a new public square known as Bank Court.
The former Municipal Bank was built between 1931 and 1933 as part of a wave of development to replace the factories and houses that had sprung up around the central canal with a civic centre that included the Hall of Memory and Baskerville House.
It was the home of the council-owned bank and served as the headquarters of a network of 66 branches throughout the city.
However, barring occasional use as an exhibition space or TV studio, it has remained empty since it closed in 1998.
University of Birmingham vice-chancellor Professor Sir David Eastwood said: "This development is an opportunity to redefine the university's civic role for the 21st century, bringing our leading-edge research into the heart of the city.
"We are looking forward to breathing new life into this remarkable building and opening it up to the public, leading researchers, entrepreneurs and many more.
"Once realised, our intention is that this development will be a catalyst for influence and impact, setting the standard for a modern civic university."
West Midlands Mayor Andy Street added: "The bank has some treasured memories for me as a youngster and more recently we have used it to stage events.
"It's a fantastic building and it is great to see it being brought back into productive use again by the University of Birmingham."
Work is expected to start in 2019, with completion due in 2021.
