A hotel, food market and retail and office space are planned for the venture.
Clery's Quarter – a new development which will see the building of a new 176-bedroom hotel, retail and office space, as well as new restaurants and bars – has been launched in Dublin city centre.
Work on transforming the site of the former iconic department store on O'Connell Street is expected to begin in the first quarter of the year.
The development will include more than 8,000 square metres of office space across two buildings. Retail space will be made available on the ground and first floors of the existing Clery's Building.
A 176-bedroom hotel is being added to the area, set to be developed at the rear of the existing structure.
And finally, Earl Place Market will be a street-level food market space for restaurants, cafes and bars.
Restoration works are set to maintain the store's iconic features, including its façade, internal staircases, columns and the famous Clerys' clock.
It's pretty hard not to get excited about the new plans for Clerys. It's a building that deserves to be the jewel in the crown of O'Connell St - and looks like it will soon be exactly that again! #BetterDublin pic.twitter.com/vY4V0mzc0g— Graeme McQueen (@GraemeMcQ) January 25, 2019
"It's pretty hard not to get excited about the new plans for Clerys," he wrote.
"It's a building that deserves to be the jewel in the crown of O'Connell St - and looks like it will soon be exactly that again!"
McQueen went on to say that he believes the Clery's Quarter is just the beginning.
"I expect Clery's to be a catalyst for other stuff to start happening. The plans for the Carlton site are really interesting and there should be movement on that soon."
Clery's shut its doors in 2015, making almost 500 people redundant.
According to the companies behind the project, it's hoped the new space will create more than 400 new jobs in the local area when it's completed in 2020.
Dublin Chamber CEO Mary Rose Burke said it was sad to see such an iconic building go useless for such a long while.
"This is the type of mixed-use development that Dublin city centre is crying out for," she said.
"The redevelopment of Clerys, combined with the future development of the Carlton Cinema site, has the potential to inspire a new golden age for O'Connell Street," she added.