Announcing the redevelopment investment, Culture Minister Gregory Campbell said: "I am pleased to announce an additional £2 million funding to add to the £2.5 million awarded for the refurbishment of the centre in 2005.
"This £4.5 million investment represents a major investment for the artistic and cultural infrastructure of Belfast."
The project is now at a key stage and the release of this funding will mean that construction work can commence in the near future.
The refurbished centre will enable full access to all the community, allowing them to participate in the arts either actively or as an audience. Throughout the refurbishment the Crescent Arts Centre will retain its beauty and history as a listed building.
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The Minister said: "The Crescent Arts Centre is an excellent facility which places the arts at the centre of the community. The arts have a critical role to play in rebuilding communities, helping to strengthen spirit and build a sense of pride in a place.
"The arts can take many different forms and the Crescent Arts Centre has always sought to deliver a wide variety of innovative arts activities that include art, dance, music, language and drama."
Mr Campbell added: "I look forward to seeing this beautiful Victorian building restored to its former glory when the centre re-opens in 2010."
Rosemary Kelly, Chair of the Arts Council of Northern Ireland added: "This will not only create a vibrant new space, with full accessibility, where people can participate in and enjoy the arts, but will also protect this landmark building.
"On completion, this high quality venue will add to the arts infrastructure, support our talented local artists and performers and make a significant contribution to the economic and social development of the area."
The project entails the complete refurbishment of the interior of the Crescent Arts Centre and the preservation of the exterior façade.
The refurbishment will make the building 100% operational. It includes an extension to the gym and when complete the Crescent will have twice its current usable space.
The development programme will make more space available to arts organisations, practitioners and provide complete disability access.
Last week, an anonymous donor awarded £500,00 to an art gallery under development at the Ulster Museum.
See: £500,000 Boost For Ulster Museum
(PR/JM)
