Historic mill buildings in Dublin's Kilmainham area are to be purchased by the city council.
The sale will have to go through a legal process but the news has been welcomed by local groups.
The mill was in use up until 2000, with a mill on the site dating back to the 17th century when it was part of Kilmainham Castle according to heritage groups.
The site's original owner, Damian Shine obtained planning permission for 44 apartments in 2006 but it ended up in NAMA due to the property crash.
Michael O'Flanagan, spokesperson for the Save Kilmainham Mills group, said site could be a tourist attraction to complement the nearby Kilmainham Jail and the Irish Museum of Modern Art.
"We are delighted, because we have been pushing for it for a number of years. We are confident it can be developed for the benefit of tourists and the local people of Kilmainham," he said.
Dublin’s Lord Mayor welcomed the decision which he said would save an important part of our industrial heritage.
