The former Clerys department store has been sold for a reported €63m.
Three companies have come together to take over the iconic on O'Connell Street site, including one firm that has spent a number of years transforming popular venues across Dublin.
Press-Up is the company behind brands like The Stella cinema and diner in Rathmines, The Dean Hotel on Harcourt Street and the fast-food chain, Wowburger.
Press-Up also runs The Workman's on Wellington Quay, tourist attraction Mary's Hardware Bar off Grafton Street and the Vintage Cocktail Club in Temple Bar.
An arm of the New York-based firm Rockefeller Group and another company, Core Capital, are understood to be the other investors in the Clery's sale.
It is reported the old Clery's building sold for €63m, which is more than double what another company, Natrium, paid for it in 2015.
That controversial sale three years ago led to the department store shutting without warning, and left almost 500 people out of a job.
Natrium had secured planning permission to turn the Clery's site into a boutique hotel, with high-end retail, entertainment and leisure facilities, and office space.
Before selling, the company had said its planned redevelopment would create around 1000 construction jobs and another 2500 permanent positions.