The Briggait Creation Centre, which will cost £4 million, will give Glasgow a dedicated public base for dance, as well as Scotland's first purposely built accessible space for dancers with disabilities.
It will also be home to the physical performance sector including circus, street theatre, flying trapeze and other aerial activities.
The centre will include 12,000 square foot in areas which date from 1889 and 1904, as well as a gap site currently used for parking and deliveries. One of the main external changes will be a new entrance facing the river.
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Executive Director for Business Development at Wasps, Audrey Carlin, said: "This is a project of huge value to the future of the arts in Scotland. We are extremely pleased to have architects on board who have such a clear commitment to the project and a sense of excitement about what can be achieved.
"We are providing professional and amateur artists and performers with an amazing new centre where they can come together to work, rehearse, hold classes, plan collaborations and perform shows."
Collective Architecture have had experience working with Wasps in the past through a temporary commission called The Empire Café, which occurred during the 2014 Commonwealth Games.
Project Director for Collective Architecture, Jude Barber, said: "Our practice has great admiration for Wasps, their partners and the work they do. We are familiar with the wonderful Briggait building, which involves many exciting opportunities and challenges. To have the opportunity to develop a major cultural centre within such a splendid historical setting overlooking the River Clyde is incredibly special."
(LM)
