The Atatürk Cultural Center in İstanbul’s Taksim Square will undergo restoration as part of a TL 30 million project sponsored by the Turkish business conglomerate Sabancı Holding.

The austere, modernist structure, which houses a 1,000 plus capacity theater and has been the home of İstanbul’s state orchestra, opera and ballet ever since its opening in 1969, will see a total interior restoration in the project, the managers of which promise will be completed before the celebration of Republic Day in 2013.

The project was finalized after talks between Culture and Tourism Minister Ertuğrul Günay and Sabancı Holding chief Güler Sabancı earlier this year. On Wednesday, Günay announced the agreement at a ceremony in İstanbul, telling the press, “This renovation is much more important than a simple restoration, especially given [the plans for] bringing the building in line with fire and earthquake codes, reengineering the acoustics and the broader plan to pedestrianize Taksim Square.”

Sabancı meanwhile stated that Sabancı Holding “could not help but be interested” at the government proposal to renovate the building, which she praised as an integral part of İstanbul. “We are pleased to make a contribution towards facilitating Turkey’s arts community while remaining faithful to the original structure,” she said.

Countering rumors that the costly restoration would see the cultural center renamed after the Sabancı group, Sabancı told the press on Wednesday that the concert hall would carry the Sabancı name but the building itself would not.

The plans for the restoration come as a wider project begins this year to pedestrianize Taksim Square, a project that will necessitate the closing of the square to traffic and the construction of underground roads for traffic and a series of bus stops.