A feasibility study and business plan for Aras Phadraig in Killarney will be completed by early March.
Cllr Brendan Cronin asked the council for an update on the building on the Lewis Road, which was donated to the people of Killarney by the Franciscan Order seven years ago.
Exodea Consulting Limited has been awarded the contract to carry out a study and develop a plan on the best use for the building.
A project team led by Killarney Municipal District manager has also been established.
A public meeting is being held this evening at 7.30pm in the Killarney Avenue Hotel to discuss all ideas for the future use of the building.