Called the Titanic Signature Project, Kuhne's £90 million scheme has secured two-thirds of the funding from the government but hopes are resting on a final £25 million boost from the Big Lottery Fund's Living Landmarks programme.
Located on part of the Harland and Wolff shipyard where the Titanic was built, the scheme will include re-creations of the doomed liner's last moments, as well as exhibitions on the ship which sank in the north Atlantic in 1912 after hitting an iceberg.
According to the Northern Irish Tourist Board, the building will also have a state-of-the-art 'flying theatre' that will give visitors a chance to recreate a dive to the wreckage, which still sits at the bottom of the ocean.
The five-storey building will also house themed galleries, interactive exhibits, a banqueting suite, conference facilities, a restaurant, café and community arts and education facilities.
A decision on the building's funding will be made in September.