Billed as creating thousands of jobs during construction and later when it opens, Stormont First Minister Peter Robinson and the Deputy First Minister Martin McGuinness outlined their plans for the future development of the site.
However, there was some confusion as the facility is expected to be housed in the former prison hospital - where the IRA hunger strikers died and also in one H block.
But the local DUP MP, Jeffrey Donaldson said on BBC Radio Ulster this was not the case, and that it would be within a new purpose-built facility instead, so as not to "glorify" the terrorists' cause.
The Assembly will shortly debate their draft Strategic Investment and Regeneration of Sites Order to include a proposed Development Corporation that is to be operational within six months of the Assembly decision.
The Corporation will then oversee the opening and redevelopment of the site including the construction of a Peace Building and Conflict Resolution facility - wherever it is to be located.
It is also thought the Royal Ulster Agricultural Society will move to the site from its current south Belfast home at Balmoral - clearing the way for a huge housing development there.
Sinn Fein's Martin McGuinness said: "We will shortly submit an EU funding application for a Peace Building and Conflict Resolution Facility on the site.
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"The Corporation will drive forward the development of the site and it is believed that the Royal Ulster Agricultural Society will relocate to the site during the first phase of the redevelopment."
Also commenting, DUP leader, Peter Robinson said: "This strategically important Maze/Long Kesh site will enable us to realise the full economic potential of the site.
"The site, which is some 360 acres, could potentially create some 6,000 jobs, securing the construction industry in Northern Ireland for years to come."
The Ulster Unionist leader Sir Reg Empey has also welcomed the move: "I have been calling for the creation of a Maze Development Corporation for the past two years. It is a tried and tested model of delivering development and regeneration."
However, he also adding his criticism over the delay: "It is a pity that it has taken the First and Deputy First Ministers so long to reach this point - over three years have been wasted before this point has been reached."
He added his voice to fears over the sensitivities surrounding locating the facility in a former prison, which symbolises much of the pain and division Northern Ireland experienced during the Troubles.
"The prison is regarded very differently by different political traditions - it would be a shame for the facility itself to become a symbol of division."
Sinn Féin MLA Barry McElduff has welcomed the news too and said there is potential to create long-term jobs and sustain the construction industry along the main route between Belfast and Dublin.
He said that he was pleased that an application to develop it with £20m will go to Europe for funding: "The listed and retained buildings including an H block, the prison hospital, visitors and administration blocks, will be open to the public.
"As republicans we obviously think of the many people who have went through the gaol throughout its history and of course prisoners struggle for political status. Others including those who worked there also have their story to tell," he commented.
But TUV leader Jim Allister described the plans for a conflict resolution facility as a "DUP climbdown" and said that it had "rolled over" to Sinn Fein demands that it would be a "shrine".
Earlier this year it emerged that £12.5m has already been spent on redeveloping the site of the former Maze Prison, even though, in 2009, the then Sports Minister Gregory Campbell finally decided against building a multi-sports stadium there.
Even at that stage, more than £350,000 had already been spent simply maintaining the listed buildings on the site.
See: Stalled Maze Project Costs Over £12M
(BMcC/KMcA)
