Norwich's OPEN could become a live music, events and conference venue once more.
The former venue has been vacant for more than a year following the closure of its operator, OPEN Youth Trust, but talks are under way between Lind Trust, the building's owner, and events space Epic Studios.
Under the proposal, creative businesses would be able to hire space, including some of OPEN's former tenants.
Laura Rycroft, previously Chief Executive of OPEN and now part of Epic Studios, said the new venture would operate as "a business, not a charity, but it would still be there for the community and be accessible".
"I know first hand the challenges the building has, having spent six months trying to work through them. We all know what a huge loss it has been for the community since it closed.
"I'm sure there are lots of people who would want to run it for this purpose, but there won't be many with the same level of experience and business acumen to make it work as the team at Epic."