It's understood that Longford County Council has purchased the former convent in Lanesboro.
The prominent property, has long been seen as a potential site for redevelopment or community use.
It was previously earmarked to house 85 Ukrainians, however, the owner pulled out of the agreement with the Department of Integration over concerns regarding his family's safety following a fire in January 2024.
While details of the reported purchase have not yet been confirmed, it is believed that the building has recently changed hands and that the local authority is believed to be behind the acquisition.