Planning permission has been given to a major development located at the former Lotus Factory, on Newry Road in Banbridge.
The Art Deco building is now set to become mixed housing, incorporating the 1940s architecture.
Permission was granted for 163 new units, representing an investment of around £30m.
Environment Minister Edwin Poots said the ruling would prove a major boost for the local construction sector.
"The development will also bring a currently redundant/unoccupied listed building back into use and will provide an important focal point on one of the main gateways to Banbridge town, whilst supporting the local centres of commerce," he said.
The Minister highlighted that Planning Service had processed the planning application in just four months.
"This is a fine example of what can be achieved when agents submit high quality planning applications, with the principles of sustainability and promotion of the economy embedded into the design."
The building was designed in 1949 by architects WDR & RT Taggart in a Modernist / Art Deco style.
It was built as an advance factory for the Northern Ireland Ministry of Commerce and, at its height, it employed over 600 people.
(PR/KMcA)
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