The Government has bought the Pyne Gould Corporation site in central Christchurch where 18 people were killed during the February 2011 earthquake.
The property on Cambridge Terrace will become part of the city's north frame, which will feature new green space alongside commercial and residential development.
Canterbury Earthquake Recovery Authority chief executive Roger Sutton says no specific plans have been made yet for the site.
However, he says whatever way it is used will be respectful to those who died in the collapse of the building.
Mr Sutton says the families of those who died will be kept up to date with any decisions.
The future of the Government-owned Canterbury Television site, where 115 people died, is still being considered.