Co-directors Matthew Chesney and Suzanne Golden said they also wanted to create a new community garden and ground-floor gallery.
In a statement, they said: “We are home to many artists, collectives and community groups from diverse backgrounds and experiences.
“The investments from our funders will allow us to continue this work in the future.
“We’re here to ensure that people in St Ann’s and Sneinton have a platform and access to cultural and creative opportunities.”
The Arts Council and grant-giving charity Garfield Weston Foundation provided donations of £480,657 and £150,000, respectively towards the project.
Other donors include the Architectural Heritage Fund, the UK Shared Prosperity Fund (UKSPF), The Foyle Foundation, and the Clothworkers’ Foundation.