Dublin entrepreneur Harry Crosbie's Point Village Company has bought the 2,200-seat theatre currently under construction at Grand Canal Square in Dublin's docklands.
The €100 million theatre is the third major performance venue planned for the docklands, following the redevelopment of the Point - also owned by Mr Crosbie - and the planned move of the Abbey Theatre to the area.
The new building was originally promoted by the Dublin Docklands Development Authority. It was designed by architect Daniel Libeskind, who designed the Jewish Museum in Berlin. Libeskind was also involved in designs for Ground Zero in New York.
The proposed name for the venue is the Canal St Theatre, and it will host major international shows including ballet, opera and drama.
There will be Dart and bus connections to it, and it is in walking distance of the city centre.
The venue will be run by Mike Adamson, who is also responsible for the new 15,000-capacity Point Theatre Arena.
The theatre will have its own gondola operating around Grand Canal Quay and the south docks.
Mr Crosbie said he became involved in the venture because of its potential to contribute to the artistic and architectural life of the city.
"This is a great design which brings the best of the modern to the classical theatre layout. Dublin's social and cultural infrastructure has long needed a building of this calibre."
The deal was welcomed by Taoiseach Bertie Ahern, who said it would greatly add to cultural life in the city.
"This promises to be both an iconic building and a major focus for cultural life in Dublin for the future," Mr Ahern said in a statement.
"A purpose-built theatre on this scale has been missing from Dublin life since the demise of the old Theatre Royal.
"The new theatre will not only extend the capacity of the cultural life of the city - it will be a focal point in rejoining the city with the water that surrounds it."
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