Property development company Clarendon lodged an application with city planners last month seeking the go-ahead to upgrade the exterior of the building on both the Patrick's Street and Merchant's Quay facades.
They have also sought permission to change the use of the former Kylemore restaurant on the first floor to a licensed restaurant with a new direct pedestrian entrance from Patrick's Street.
In their application, the company said they want to create a new large, first-floor window on the corner of Merchant's Quay and Patrick's Street to open up the views of the river at St Anne's in Shandon.
Clarendon said they plan to attract a "high quality" restaurant to the location which is consistent with City Hall plans for a "fusion of shopping, leisure and entertainment" in the main city centre retail area.
"The proposal involves firstly the upgrading of the external elevation of the shopping centre on St Patrick's Street and the corner of Merchant's Quay. This involves rendering over the brickwork and creating a new window pattern," the application states.
"A fundamental aspect of the design is the wish to exploit the views of the waterfront and the city centre, in particular, St Anne's Shandon Church."
A planning decision on the application is expected by the middle of April.