Renfrewshire Council Leader Mark Macmillan revealed the images on hoardings at the front of the former department store.
The plan, which also involved public and private sector partners, will also see 31 new-build flats constructed on Lawn Street.
Plans are also advancing for a second phase of development which will transform the iconic listed building on Gauze Street into nine luxury apartments, as well as retail units.
Discussing the development, Councillor Macmillian said the project could create wider benefits for the town.
He explained: "I am delighted to be able to unveil these images, which will give residents a look at how this important development will shape up.
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"Bringing more people into the town centre to live can only be a good thing for the town centre, as the spending power of the new residents will boost local traders. When added to the development across the road at The Cloisters, and the recent investment in new student housing by UWS, we can see real progress in this area.
"Of course, the Arnotts development is only one of several projects which are boosting the appeal of the town centre. These include the work to preserve Paisley's outstanding architectural heritage through the Townscape Heritage Initiative, and the £2.4m revamp of the town hall.
"Strathclyde Partnership for Transport has also confirmed it will be making a £1.8m investment in improved bus infrastructure in the town centre.
"We are also hoping to inject new life into the town's night-time economy by taking forward plans to allow traffic to return to the High Street in the evenings."
Construction of the new flats will be carried out for Link Group by Westpoint Homes, who have already completed the flats at The Cloisters on Cotton Street.
Work on the first phase of the Arnotts development is expected to begin next year and be completed by the spring of 2015.
(JP/CD)
