Three new conference rooms, a cafe bar and a smart brasserie could be installed on the lower ground floor of the ICE headquaters building in Great George Street, London by the end of the summer.
At its most recent meeting, Council approved plans to update the existing carvery, buttery and meeting rooms which, nine years after their last refurbishment, are claimed to be outmoded and uneconomic.
The proposals now go to the Executive Committee.
It was agreed in February last year that the loss making restaurant had to be closed and replaced with something new.
The new layout, costing an estimated ú1.3M, would meet demand from members and Thomas Telford Ltd's commercial customers for more conference rooms in the building and create attractive new and profitable eating areas.
Payback on the investment, which will come from the ICE's existing cash balances, should be in five years.
Design team working on the proposals is Leonard Stace, Thomas Saunders Partnership, Hurley Palmer Partnership, Richard Watkins & Associates and Gardiner & Theobald.
Construction is expected to take 12 weeks over the summer.
A possible follow up to the refurbishment would be to create a glazed restaurant terrace in the lightwell adjacent to the existing restaurant.
Extra cost of this is estimated at ú196,000 ($323,000), but payback would be over nine years.