The Florence Institute in Toxteth, Liverpool is bidding for HLF funding for a £4.5m restoration which could begin as soon as March.
Manchester-based Buro Four Project Services is currently advising the trust that owns the derelict site on the appointment of a main contractor to begin as soon as approval is granted.
The Grade II-listed building will become 'a local community, small business and heritage venue.' Funding for the project is being secured from the Heritage Lottery Fund, ERDF, NWDA, Tudor Trust and other funding bodies.
Built in 1889 by Sir Bernard Hall, a merchant and former Mayor of Liverpool, the building was named after his daughter Florence who died while in Paris at the age of 22. Famous members of the boys' club included pop star Gerry Marsden and boxer John Conteh. The club closed in the late 1980s.
The project is due to be completed by July 2011. The HLF is due to discuss the application in the coming weeks.