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Specialist consultants have recommended the Barbican Centre in York as a venue for concerts, exhibitions and conferences, but surveyors say more than £800,000 is needed to bring the facility up to standard.
According to experts, sweeping repairs are needed to bring the disused centre back to its best, while keeping it open in the long term will cost millions, according to York Press.
The LHL group, which has been hired to study the building, said the minimum work needed to reopen the Barbican would cost £818,000, while £1.1 million would be required to keep it going for five years.
Labour leader David Scott called on the city council to follow the wishes of local residents and bring the centre back into use, the newspaper reports.
Councillors are to meet next week to discuss the options for the Barbican.
Last month, fellow York facility, the Marriott Hotel, was named Conference Venue of the Year 2008 at the Business Development Research Consultants awards, the newspaper revealed.