The former Rose and Crown pub in Northern Ireland is scheduled to begin its makeover in September, provided the appropriate planning permissions are obtained.
The pub was sold to the Carrickfergus Congregational Church after it was closed more than 10 years ago.
Thomas Reid, a deacon at the Church and part of the team behind the scheme, said the purchase price was not in the region of the original £300k asking price during the property boom.
He told the Belfast Telegraph:
"We are not a rich church. The first phase would possibly take one year or 18 months to complete.
"The second and third phases would happen over a six or seven-year period and that timeline is purely down to financial costs, so we are exploring different avenues in terms of funding."
Belfast-based architect Hall, Black and Douglas will be designing what Mr Reid and his team plans to be a social hub for the community.
The plans include converting the bar into a cafe and turning the upper floor into meeting rooms.
As part of the plans, Mr Reid said: "Part of the existing pub will be knocked down to give way to an enclosed courtyard."