Plans have been submitted to Nottingham City Council to transformed into bar / restaurant and apartments.
The city council have recommended that the plans are given the green light when the planning team meet next week.
The building has been empty for 25 years.
Plans include a restaurant and bar on the first floor, three serviced apartments on the second floor and office space on the third.
Details in the planning committee’s report said: “Residents support the restoration of what is seen to be one of Nottingham’s most beautiful buildings and an important part of the City’s heritage.
“They consider that its restoration should be sympathetic and fully in line with the requirements of Historic England and Nottingham Civic Society.”
Nottingham City Council’s planning committee will meet on October 17 to discuss the plans and will have the final decision on whether the development gets the green light.