The former Bank of Ireland in Lismore will be turned into a number of apartments, initially to accommodate Ukrainian refugees.
The building was purchased by Waterford City and County Council earlier this year after Bank of Ireland closed the branch in October 2021.
There had been some confusion as to whether or not it would be transformed into a community facility.
However, Councillor John Pratt has told WLR News today that the council is going ahead with plans for apartments, subject to receiving funding.
"That application is being made to the Department of Housing and they have actually looked at the building in the recent past," he said.
They will initially be used for Ukrainian refugees, but in time they would come back into use for social housing.
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