The council said it will host “a wide-ranging programme of community events, showcases, exhibitions, workshops and talks when work is complete”.
Councillor Ben Miskell, chair of the transport, regeneration and climate policy committee at Sheffield City Council, said: “Sheffield is home to some legendary venues, known across the country and we want Event Central to be added to that list.
“A venue where the next generation of Sheffield bands begin their journey, the next great artists display their work for the first time and the place where meetings will be held that will shape the future of this great city and beyond.
“This project will breathe life back into the building, transforming it into a venue we can all be proud of.”
Chris Yates, Yorkshire director for Willmott Dixon, said his team would be “creating a space designed to empower this city’s boundless creativity”.
He added that the £14.4m project would create local jobs, saying: “We will ensure creating opportunities for the local community is at the heart of this project.”
Miskell added: “The city centre is transforming into a fantastic place for people to live, work and enjoy with many venues already becoming must visit places including the likes of Cambridge Street Collective and Leah’s Yard.
“The addition of Event Central and the flexibility the space will provide will only strengthen the appeal of the city centre and encourage more and more people to come and see for themselves how amazing Sheffield really is.”