The historic cinema opened in 1912 with 670 seats, two cafes and a restaurant. Despite its popularity, the cinema closed in 1930.
Following this, the premises has been host to an arcade, a nightclub and a number of retailers. Its top floors are currently vacant with the ground floor being occupied by a bookmakers.
The new designs were created by Nottinghamshire based CBP architects and includes the conversion of a number of the cinema's original rooms into self contained apartments.
When complete, the building will host nine, one and two bedroom flats in the city centre. The project is being funded by Market Square Developments.
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Commenting on the project, Adam Partington, heritage expert at Marrons, said: "The space has been empty for a number of years now; its side entranceway makes it a challenging spot for typical high street users but the architecture makes it a totally unique space to create beautiful homes.
"The challenge was sub dividing the large internal void to create a series of apartments that all receive natural light from existing openings. The designs show that this is capable while maintaining respect for the important heritage of the building, which is located in the Old Market Square Conservation Area. We look forward to seeing these apartments come to life."
Reflecting on their involvement, Richard and Stuart Singh, managing directors and partners at Market Square Developments, said: "We're really excited to get this project off the ground and under construction. It's an amazing central location for individuals and couples looking to live in the heart of the city and makes the best use of what has been a deserted space for more than a decade."
The apartments are due to commence refurbishment this month and will be brought to the market to sell in January 2024.
