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Renfrewshire Council's planning and economic development policy board has granted "planning permission in principle" for the former Arnott's site in the town centre.
The decision means that the site could potentially be transformed through a combination of retail, residential and office use.
Indicative plans submitted by developer Park Lane Group suggest that the site could be developed to include a foodstore, shops, residential flats and public car parking. Any finalised proposal would still need detailed planning permission.
"This decision marks an important milestone in Renfrewshire Council's efforts not only to restore the former Arnott's site but also our broader regeneration programme for Paisley town centre," said Renfrewshire Council Leader Derek Mackay.
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"We have always made clear that restoring the Arnott's site back to its rightful place at the heart of the town centre is a priority.
"This is an important stage in our efforts to bring the Arnott's site back into use. The vacant site has been a blight on the town centre for years. The Council will continue to do all we can to bring about development which benefits the town," he continued.
"A lot has already been achieved in taking forward major programmes to regenerate Paisley town centre. That work includes securing millions of pounds of investment funding from the likes of the Scottish Government and the Heritage Lottery fund.
"The Council's expanded events programme attracted over 20,000 people to Paisley for the switch on of the Christmas lights and also the fireworks display," he said.
"Bringing the Arnott's site back into productive use would be good not only for business but for the life of the town in general. There's still a lot of work to be done to secure development but this decision is a positive move to help that process."
(GK/BMcc)
