The development, being built by Link Group, will see the properties made available for shared equity or rent on Lawn Street and Gauze Street in the area.
The work also marks the first phase of plans led by Renfrewshire Council which aims to rejuvenate the town.
The new flats will be situated on Lawn Street, and wrap around the corner with Gauze Street. Construction is expected to be complete by spring 2015. The development will contain private car parking and gardens – but the existing public car parking at the back of the Arnotts site will be unaffected.
Renfrewshire Council Leader, Mark Mcmillan, visited the site and praised the commencement of works.
He said: "The Arnotts site has great historical significance to Paisley, which is why we are delighted to see work under way on a new future for it.
-- Advertisement --
"This landmark development will bring people back into the town centre to live, which will create knock-on benefits for businesses in the surrounding area.
"With work also under way on the third block of flats in Westpoint Homes' The Cloisters development across the road, the council's vision of an Abbey Quarter is fast becoming reality.
"This development ties into our wider town centre regeneration work and is just the latest bit of good news regarding investment in Paisley's assets.
"SPT have this week confirmed a £1.9m investment in improved bus infrastructure in the street surrounding the Piazza, while the council last year successfully secured £2m to restore the Russell Institute, which could bring in up to 80 office jobs.
"And most significantly of all, the council is now taking forward its ambitious masterplan for a multi-million pound investment which will use Paisley's heritage to transform the area's tourist potential."
Craig Sanderson, Link Group Chief Executive, added: "Link is delighted to be able to continue its commitment to the regeneration of Paisley town centre.
"We recognise the historical and architectural importance of the Arnotts site and worked with the developers and Renfrewshire Council to achieve an appropriate design which embodies the positive benefits created by the 'spirit of place', delivering a more sustainable environment for our customers and the homes in which they live."
(JP/MH)
