The former Ritz Cinema in Accrington town centre could be transformed into apartments and shops.
Plans have been submitted to Hyndburn Council to redevelop the derelict 1920s building into 15 apartments and three retail units.
The Picture House was first opened in January 1922 before being remodelled as the Ritz Cinema in 1934.
It closed in August 1958 and was converted into Barnes Furniture Store which later closed in 2005. The vacant building was damaged by a large fire in October 2011.
A heritage statement sent to the council by applicant Mr S Manzur, from Earby, said: “The design of the building is trying to incorporate some similar features to the cinema at the front facade whilst giving a new lease of life by incorporating shops on the lower floor.
“The flats on the upper three floors will bring some people back into the town centre, whilst retaining and restoring a dilapidated structure.”
Mr Manzur said the falts will be built over three floors and the existing entrance staircase and handrails will be retained
A decision will be made by planning officers in the next few months.