The abandoned office tower, built in the early 20th century, has been on the market since it was removed in the 1970s.
The building was part of a complex of buildings which had a total of five buildings – two office buildings and two residential properties – between them.
The buildings had a combined capacity of more than 300,000 people and the property was in use for almost 40 years.
Now, an 18-metre high concrete building is on the way to becoming a luxury apartment building in the city of Galway.
“The building has been left completely, with no planning permission whatsoever,” says Patrick Gallagher, the owner of the property.
“The plan is to build a five-storey apartment block with a ground floor and two stories, which will be completed within three months,” he said.
He added that the site is a “key asset” to the city.
There are plans to convert the site into a new office building in partnership with the City of Galweggan.
“It is one of the most important properties in the area and it is a huge asset for the city,” he told RTÉ News.
“We are trying to secure the best possible site, as it has some very important historic features and we are hoping that it will provide the opportunity to do a new piece of regeneration in the middle of the city.”
The property is currently being leased out to developers.
A project has already been approved for the site and Gallagher is looking to move in by the end of February.
Construction will begin on the new development in April and is expected to be completed by the autumn.
Follow Kerry Connolly on Twitter: @kerryconnolly1