Construction on the land will not begin for at least a year, allowing the murals to be displayed there before being moved to a new location.
Project participant Erin O'Hara, 19, says: "It's a little daunting knowing my art will be on display for a year but I worked hard so I'm glad they are making our efforts worthwhile."
She says Wairarapa Youth Council is doing a good thing for the young people in their community, offering "people an opportunity that lots of closet creatives dream of".
Ms Seville said the project came about when the Masterton District Council offered the space to the youth council, who had been seeking a space for a mural they were planning.
"Response to the project has been good, we've had heaps of positive feedback," she says.
A student at Massey University in Palmerston North, Miss O'Hara said the youth council was really supportive in allowing her to get her painting done around university commitments.
"The public of Masterton were really excited to see something being done with the space."
The Ministry of Youth Development is funding the project and Connecting Communities will provide all materials; each artist will also receive koha (a donation) for their time.
Wairarapa archivist Gareth Winter says the demolished Academy building suffered extensive damage in 1942 after a series of earthquakes and was restored during the 1960s. "However, the building was still not safe and a recent survey showing it only reached 6 per cent of the building code compliance for earthquakes sealed its fate," he says. In March the Daniell building on Queen St met the same end.