Initial support for a Heritage Lottery Fund (HLF) bid of £2.7m has been granted to revamp the Grade A listed Rothesay Pavilion, once a hub for Scots holidaymakers.
Following confirmation of funding from HLF, the Pavillion could be transformed into a cultural centre and visitor attraction.
The Prince's Regeneration Trust (PRT) is working with the Council to get the development underway.
The endorsement includes development funding of £103,100 and means further fund-raising can now take place.
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A creative strategy will now be developed, while a new charity is being established to run the site when the project is complete.
Councillor Robert MacIntyre, the chair of the Rothesay CHORD Project Board, said: "This good news from the Heritage Lottery Fund means we have now identified more than 50% of the funding required to support this important project for Rothesay.
"We can now look forward to real progress in the coming two years and work is due to begin at the end of 2014."
Colin McLean, head of HLF in Scotland, said: "This wonderful 1930s pavilion is evocative of Rothesay's heyday as a thriving tourist resort.
"Its resurgence as a cultural venue for the community would not only save an important piece of the Bute's heritage but would have a positive impact on the regeneration of the town as a whole.
"HLF is delighted to give its support at this stage and we look forward to seeing how the plans develop."
PRT’s Chief Executive, Ros Kerslake added: "It is brilliant news for this nationally important project. It is huge boost and allows us to really gain momentum in successfully restoring and reusing this fascinating building."
(IT)
