Preston City Council is issuing a call for a new operator for the Guild Hall.
It is seeking proposals for a land deal, lease arrangement for the space which closed on May 30.
The new operator would run the Guild Hall, including the Charter Theatre, Grand Hall, offices and ground floor shops.
Leader of Preston City Council (PCC), councillor Matthew Brown said: “I am really pleased we are already in the position to look to the future of the Guild Hall. This is a crucial next step and while we will follow all necessary due processes and protocol, we must keep moving forward at pace.
“Keeping the venue empty is not to anyone’s advantage and we are acutely aware that entertainment programmes and the like require a significant lead-in time.
“This is a very different proposition to the one we took to market five years ago, because times have changed and we have learned from experience.
“We recognise the Guild Hall’s importance to the city and believe that the council has a key role in determining its future. We will ensure we are a key stakeholder in the process going forward.
“I look forward to seeing formal proposals from organisations with the experience and financial capacity to take a venue of this size on and make it thrive.”
The city council says it aims to use the competitive process to find the most economically advantageous solution for the future of the venue.
Looking for an organisation with a strong track record and reputation, the council wants an operator who is ready and able to revitalise the Guild Hall.