A new cafe-restaurant is expected to move into the former Grimwades department store on Ipswich Cornhill later this year after the building was bought by the council.
Negotiations with the tenant are near their conclusion and the identity of the new occupant, understood to be a national chain, is expected to be revealed later in the spring.
On Wednesday, the borough confirmed that it had completed the purchase of the building after months of negotiations.
It is seen as prime site for the regeneration of the town centre, and finance from the government's Towns Fund was used to complete the deal.
At one point the council had taken steps to gain a Compulsory Purchase Order to buy the site - but in the end its owners negotiated a price for the property.
There are two units on the site. The one on the corner with Westgate Street is already under offer with and it is expected the other unit will soon follow.
The borough council is now set to appoint a contractor who will start work by the end of May to carry out the significant repairs and refurbishment needed to bring the building back into use for the new occupiers.
Following the completion of the refurbishment, the new tenants will be able to move in later this year.
Ipswich Borough Council leader Neil MacDonald said: “I'm delighted that we have been able to acquire this empty building that has been blighting our town centre.
"We want to see a vibrant town centre as much as our residents and businesses do, and this acquisition demonstrates our determination to achieve this.”
Lee Walker, chief executive of Ipswich Central, added: “This iconic building sits at the very heart of the town and indeed the high street, seeing it move forward is a real boost for the town as 2025 shapes up to be a really exciting year for Ipswich.”
Ipswich MP Jack Abbott said: “The joint investment in the Grimwades building by the council and the Towns Fund will enable this key building to play its rightful part in rejuvenating the heart of Ipswich town centre and I look forward to the announcement of new tenants in the coming weeks.”
And David Ralph, chair of the Ipswich Vision and Town Deal board, added: “Millions of pounds worth of investment has been unlocked through the Ipswich Town Deal.
"The board welcomes the progress that this acquisition will make in delivering the expected outcomes for Ipswich, revitalising and regenerating the town centre, and achieving the aims set out in the Town Investment Plan.”
Grimwades was built in 1884 and for generations of Ipswich shoppers it was THE place to buy clothes.
Thousands of Ipswich schoolchildren got their uniforms from there - and it was where their mothers and fathers bought their Sunday Best outfits.
However the store closed in 1996 and for the next 15 years it was home to Clinton Cards before that too closed during a restructuring of the company in 2012.
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