Steve Rotheram's Combined Authority has approved a £22 million grant to help restore Liverpool's former Martins Bank building on Water Street.
The money will go to Karrev (Martins) Ltd and is intended to enable the refurbishment of the Grade II* listed landmark. Final funding terms and the grant agreement remain to be completed by senior officials.
The wider project is valued at £83.6 million, with the developer expected to invest more than £61.5 million alongside the public contribution.
Plans envisage about 140,000 square feet of Grade A office space, flexible workspace and ground-floor uses. The scheme is designed to accommodate up to 743 jobs and address a shortage of high-quality city-centre offices.
The grant comes from the Liverpool City Region Investment Fund. The decision was approved on 6 November and is subject to call-in until 13 November, taking effect the following day if it is not challenged.
The decision changes the status of the proposal from recommended support to an approved allocation, although the project still depends on officials completing the detailed funding agreement.
