The community group, as part of the Scotlands & Bushbury Hill Big Local Partnership, has been handed a 25 year lease on the Scotlands Estate's Chesterton Road venue - a former local authority run outdoor play area and community centre.
Residents are keen to improve the centre's facilities and maximise its potential for bringing much needed services into the area while creating a thriving and sustainable social enterprise.
The Partnership is registered as a charitable organisation and has committed to investing around £60,000 to improve the facilities.
The new centre will be officially launched later this month, and it is anticipated it will be self sustaining within 2 years of Big Local investment.
Deputy Leader and Cabinet Member for City Housing and Assets, Councillor Peter Bilson, said: "We have worked closely with the Scotlands & Bushbury Hill Big Local Partnership to find a way to bring this centre back into use.
"The business case it has established means the long term future of the venue is secure and will serve the local community to the full.
"I look forward to seeing the centre become a hive of activity over the coming years."
Activities that will be delivered at the centre include into work support (employment project, Food for Thought mental health project, job search facilities), enterprise and self employment support (Access to Business workshops and drop in surgeries and the Learning Platform for facing redundancies), training (food hygiene, first aid, nail and beauty, basic computer skills and childcare), lifestyle classes (keep fit, Zumba, slimming world, yoga, grow, cook and learn), and social classes (social isolation targeting older members of the community).
It will also provide multi functional outdoor space and a community café, while the community hall will be hired out to groups and organisations for events, meetings, conferences, and special occasions.
Part of the site will also be sub let to a private childcare provider (Terrific for Twos) in a new purpose-built nursery.
Kim Payne of the Big Venture Ltd, added: "The asset transfer means so much to the local community.
"Scotlands Adventure Playground was seen to many as the beating heart and the announcement of the closure left many devastated.
"Now the transfer has taken place the transformed site will be a place that's run by the community for the community offering endless recreational and training opportunities.
"From the council's side special thanks must go to our local councillors Steve and Valerie Evans, and Ian Brookfield, as well as Julia Nock of the council's assets team and David Cockfield from legal for helping the community turn a dream into reality."
- released: Thursday 6 October, 2016