The former Phoenix cinema in Dingle has been allocated over 930,000 euro (€933,000) under the Rural Regeneration and Development Fund.
The money will be spent on the design and architectural plans to refurbish and extend the landmark building.
The funding has been welcomed by Kerry TDs, the Minister for Children, Disability and Equality Norma Foley, the Fianna Fáil spokesperson on tourism, Deputy Michael Cahill, and Kerry senator, Mike Kennelly.
The historic Dingle cinema shut down in 2021 after 100 years of trading.
It was bought late last year by visual artist Yvonne McGuinness and her husband, Oscar-winning actor Cillian Murphy.
It’s proposed that the new Phoenix will become a not-for-profit cultural village, with the cinema as its centre piece, while also offering artists’ studios, a small theatre, a project room, gallery, community ‘living room’, and garden.
Under the latest round of the Rural Regeneration and Development Fund, 30 projects nationwide have been granted a total of 20.5 million euro to make the necessary preparations for future large scale capital projects.
The Department of Rural and Community Development says the projects have the potential to revitalise rural towns and villages attract people to live, work and invest.
Minister Foley said in a statement, “Having met with Cillian Murphy and Yvonne McGuinness, I am blown away by their vision for the potential and possibility about what can be achieved for the arts and creativity in west Kerry”.