Most of the historic, grade II listed Accrington Conservative Club is to be demolished, under £13m redevelopment plans.
If given the go-ahead, little more than the frontage of the Victorian building, once the largest Conservative Club in the country, will be left.
With restoration of the front of the Cannon Street club in progress, proposals by Woodgreen Developments to build a glass and steel atrium retail area at the rear have been discussed with planners for over 18 months.
But such is its state of disrepair that the developers now want to bulldoze most of the four-storey building’s interior, including the grand ballroom, to create offices.
Central ward councillor Allah Dad said: "We do welcome this development as £13m is a lot of money.
"The building has been derelict for years and this will brighten up the area.
"We do need this investment into our town to attract a lot of visitors and businesses as well."
The club was built in the late 19th century to upstage the nearby Liberal Club, featuring an ornate Queen Anne facade and bay windows.
One of its main features was the Majestic Ballroom accommodating around 1,000 people, with a vaulted ceiling and a dance floor – reputed to be one of the best around.
In later years the club became a nightclub known as Churchills.
But the venue closed following the death of a Padiham teenager in an attack at the club in 2002.
The building was also boarded up two years ago after squatters moved in.