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 is expected to begin in the next few months.
The building's new owners are promising it will become a "world class retail, office and leisure destination".
Graeme McQueen from Dublin Chamber says the plans look very impressive.
"You're going to have hundreds of construction jobs in the city and once it's finished there will be lots of jobs created," said Mr McQueen.
"This is good news for everyone. I look forward to it being finished at the end of next year.
"Clerys will be at the heart of Dublin city centre again and I think that's something that all Dubliners would like to see."