Following an executive session the Conyers Downtown Development Authority voted in the reconvened meeting to purchase the property on 941 North Main Street.
The property is listed at $499,000, down from $599,000, and the DDA and Chairman John Fountain approved a bid of $320,000.
The 9,000 square foot building located next to the Olde Town pavilion is currently lined with razor wire, but will be developed and beautified by the city, said DDA members.
"We will put it into active and productive use," D.D.A. member Daniel Digby said.
There are no current plans for the building but several ideas have been discussed, including an artist colony or restaurants.
"The property will improve the image of Olde Town if renovated," Fountain said.
The DDA, which has been looking at the property for the last three years, is looking to close on it by the end of the month.
"We believe they're going to accept this (offer)," Marty Jones said.
The 2010 property tax bill for 941 Main Street listed Peters Elisa Maria Hicks and Renee Tipton as the owners. The assessed value was listed as $110,960 and the market value as $277,400.
The voting session came after the DDA discussed the possibilities of adding signs and restroom facilities to the mountain bike trail in the Georgia International Horse Park.
Digby proposed improving the trails with signs that the rest of the board agreed with and bathroom facilities that they will look into the cost.
The DDA has around $69,000 of funding available for all projects.