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The partners received a grant of £1.74 million from the programme and will provide the remaining £611,724 to deliver the project.
Councillor Ian McNeill, Chairman of NLP, said: "This project will transform a piece of land that has been derelict for many years, providing good quality, accessible and affordable accommodation for local people to start up or grow their own business.
"It will support the ongoing regeneration of Motherwell town centre, and encourage economic development by creating new jobs and providing new business for local trades.
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"I would like to thank the residents and businesses who responded to our consultation last year, giving us useful feedback and ideas for how best to develop this site."
One of the units will be the base for an entrepreneurship partnership with New College Lanarkshire, providing rent free accommodation and grants to support students to establish new businesses.
Businesses moving into the new units will have access to a range of marketing, employability and entrepreneurial support from the council's business teams. The units are expected to be ready for lease by summer 2020.
This Regeneration Grant Fund builds on the news that the council will also receive £3.25 million from the Scottish Government's Town Centre Fund, the third highest allocation in Scotland, to make town centres more vibrant, enterprising, and accessible.
"We have ambitious plans for our town centres, transforming them into places where people live, work and socialize with improved housing and local facilities," said Councillor Allan Graham, Convener of the Enterprise and Growth Committee.
"So this new investment from the Scottish Government is a welcome addition to the council's long-term strategy to create town centres that reflect our lifestyles and contribute to a vibrant local economy."
