The future of the former Magdalene Laundry site Sean McDermott Street will see it developed as a memorial for victims with housing and an educational centre.
The building, which was the last laundry to close in 1996, is owned by the State and was previously earmarked for sale to a Japanese hotel chain.
But after Dublin City councillors blocked the sale, plans were established for the future of the site.
It will now be re-developed and include housing, and an educational centre incorporating 3rd level and early years intervention initiatives.
It's also been confirmed that there will be a memorial to the victims and survivors of Ireland’s shameful institutional past.
Local Social Democrats councillor and election candidate Gary Gannon welcomed the news.
He said: "The revised proposals are extremely welcome in that they have taken onboard the concerns and needs of the local community alongside the need to recognise and acknowledge everything the site represents about a shameful period in our history and providing a permanent memorial to the victims and survivors of that period.
“There is a wonderful group of activists, architects, and academics who have come together under the banner of ‘The Open Heart Collective’ who will be developing the memorial in consultation with survivors, their representative groups, and the local community."
He continued: “This is an incredible development for the city and will become a living monument to Ireland’s past; to acknowledge the wrongs inflicted on women and men throughout our history, and to become a place of hope and renewal in the North Inner City.
“I’ve been working with Dublin City Council on this idea for close to 18 months now and I’m delighted that we have brought it to a point where they have now updated all local Councillors on the ambition for this historic location. We made a promise to some very important people and I will work tirelessly to ensure that commitment is honoured.”
