Using the former Adelphi as a community space will improve the area, Sheffield Council says.
A former cinema which closed in the 1960s could be transformed into a community space.
Funding for the purchase would come from £17m allocated for projects in Attercliffe by the government's Levelling Up fund. The Adelphi building was shut down in 1967 and was left vacant for several years and used for storage since 2013.
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