The work is part of a wider investment to transform the town centre.
This latest stage of work, Phase 2, will see the listed former store developed into 11 luxury apartments, while retail units will be created on the ground floor.
The first phase of work is now almost complete and will see 31 flats being built by Link Ground on the Lawn Street and Gauze Street areas made available for shared equity or rent. They are expected to be finished this spring.
The Arnotts site is owned and marketed by a limited liability partnership, consisting of Renfrewshire Council and Park Lane Developments.
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Councillor Mark Macmillan, Leader of Renfrewshire Council, said: "The Arnotts site represents one of the most visible options for regeneration in Paisley town centre.
"Over the years a lot of work has gone into various attempts to kickstart development and we are delighted that – at last – people can now see real progress.
"This new phase of development is just the latest leap forward for the town centre, coming off the back of several other major regeneration projects."
He added: "It fits perfectly with our plans to use Paisley's outstanding built and cultural heritage as the engine behind a transformation of the town over the next decade, including a bid for UK City of Culture status in 2021."
Sean Robinson, joint managing director of Park Lane, added: "We are delighted to be working in partnership with Renfrewshire Council in this exciting regeneration project.
"The apartments and ground floor commercial space will be coming to the market in spring this year and there is already very strong interest in the 11 apartments and available commercial units."
(JP/MH)
