Nottingham City Council has agreed to sell the 1.4-acre Guildhall site on Burton Street, to Miller Birch, paving the way for its £110m development.
The proposals call for the site to be developed into a mix of Grade A offices, student accommodation, conferencing facilities and to extend and refurbish Guildhall as a four-star hotel.
The plan to develop Guildhall is part of a wider strategic regeneration of the city to help build a better Nottingham. This includes the development of high quality office spaces, retail opportunities, transport links and high quality new homes such as those just opened at Trent Basin.
Miller Birch is hoping to be on site, starting work by 2018. The company says the site will be one of the largest developments ever seen in Nottingham.
The building has previously been a criminal and magistrates court up to 1995. According to Councillor Graham Chapman, Deputy Leader of the City Council: "The Guildhall site is a unique one with a lot of history. I'm delighted Miller Birch are committed to providing a quality development the site deserves.
"The sale of the Guildhall site means more businesses, visitors and jobs will come to the city through the development of this site. The plans from Miller Birch are a good example of our plan to grow the city and we're looking forward to seeing their development of the Guildhall progressing now."