Renfrewshire Council has been attempting for years to secure ownership of the Incle Street flats, and has finally agreed a deal with the remaining owner.
The Council will now clear the site. The work will be undertaken over the next few weeks.
It is thought the flats will be demolished over a period of six weeks, beginning at the end of November or the start of December.
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"The council has worked for years to take over this building and I am delighted we have now succeeded," said Renfrewshire Council Leader Mark Macmillan.
"It’s great news that we can press forward with the environmental and economic opportunities that have now opened up.
"First and foremost, we want to remove an eyesore that blights the main road and rail routes into Paisley. Demolishing the building will improve the environment of the town centre.
"It will also open up a prime location for potential residential or business development."
The flats adjoin the site of the former Arnotts store. Landscaping and improvement work has been carried out to support the marketing of the site for development.
"In the medium-term we certainly hope that developers will see the potential of the site.
"For now, we believe the removal of what has been a blot on the Paisley landscape for far too long is a real boost for the town and the community."
(IT)
