Caernarfon's £7.5m Galeri arts centre has won a UK community enterprise award.
The gallery auditorium can host cinema, music and theatre
As well as a 400 seat auditorium, the centre, which won an Enterprising Solutions award, includes studios and room for 27 businesses and employs 86.
Twenty empty and run down properties were also refurbished.
Galeri Caernarfon Cyf chief executive Gwyn Roberts chief executive said it was "testimony to the impact" the project had made in the town.
The centre opened in March 2005 after 10 years planning.
"The recent completion of Galeri creative enterprise centre shows that we are still delivering innovative projects for social benefit whilst at the same time continuously developing the company's commercial base," said Mr Roberts.
The gallery received a £5,000 prize at a ceremony in London on Wednesday.