The project will be situated on the former Arnotts site in the town's Abbey Quarter.
A masterplan for the scheme is being compiled after Link Group Ltd agreed to take forward plans for 31 one and two-bedroom flats for intermediate rent or shared equity on Lawn Street.
The development has been approved by the joint venture company set up by Renfrewshire Council and Parklane to revive the site.
Plans are also advancing for the next stage of building on the site which would see new retail development and private sector housing for sale. The listed frontage of the historic building would be retained.
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In addition to the plans, Strathclyde Partnership for Transport (SPT) is expected to shortly announce proposals to invest £1.8m in an effort to improve bus services in Paisley town centre. The plans include new bus stances, signage, improved bus routes and linkages to Paisley Gilmour Street Station.
Colin Culross, Link’s Director of Development & Asset Management, said: "Link is delighted to be able to continue its commitment to the regeneration of Paisley town centre.
"Having completed our first development in the town almost 40 years ago, we have recently successfully delivered a range of shared equity and intermediate rent tenures in adjacent properties in Cotton Street, which were supported by Scottish Government grant funding."
Renfrewshire Council Leader Mark Macmillan added: "This investment is a big vote of confidence in the regeneration of Paisley town centre and the development of the town’s Abbey Quarter.
"The Arnotts site has historically been important to Paisley and we want to make it important again. Bringing people back to live in the town centre is a key part of our plans for the future of Paisley."
(JP/CD)
