The ACT government will spend $6.5 million on upgrades at the former bus depot in Kingston as part of works designed to stimulate the local economy following the coronavirus shutdowns.
The heritage-listed depot, which was built in the 1940s and has been home to the Old Bus Depot markets for more than 20 years, will have its roof and skylights replaced, along with energy-efficient lighting and a new electrical system installed.
The works will also provide more accessible facilities and upgrades to the toilets in the depot's upper and lower halls.
Minister for the Arts, Creative Industries and Cultural Events Gordon Ramsay said the work would make sure the building could be used into the future.
"Keeping Canberrans employed will play an important role in our city's recovery. Through projects like this we can help ease the financial pressure on Canberra families during this difficult time," Mr Ramsay said.
"The project will provide benefits for local businesses, store holders and visitors by supporting local jobs, improving the functionality of the building and creating a more pleasant visitor experience."
Old Bus Depot Markets organiser Richard Vagi said he was encouraged by the government's commitment to the building and he looked forward to the markets reopening.
"The building is a wonderful space for people to enjoy the markets, however it is ageing and there have been some maintenance issues arise lately, including damage by the hail-storm earlier this year," Mr Vagi said.
"We are looking forward to the markets reopening when health restrictions ease and social gathering numbers increase."
Work is expected to start in June and continue into next year.
The markets have been closed indefinitely since late March after restrictions were placed on businesses and gatherings to slow the spread of coronavirus.
The markets were also closed for three weeks after the January 20 hailstorm, which damaged the building's roof.
The ACT government in 2013 spent more than $2 million replacing asbestos roofing on the depot's upper hall and demolishing a 1980s annex.
The building was placed on the heritage register in 2010, a year after the Land Development Agency suggested it could be sold as a development site.