Sinton Mills in Tandragee will be converted into 59 residential units and 113 apartments overlooking the Cusher River.
Belfast company Forge Properties submitted applications in December 2007 and have now been given the green light from the Planning Service.
Tandragee Councillor Robert Turner, who chairs Armagh Council's planning committee, said: "This is a major development, which will represent a substantial and much-needed cash investment in the town. I look forward to the whole project coming to fruition.
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"It's a landmark in the town and of great historical value. It was once the biggest employer in Tandragee and many of the workers there would have lived at Mill Row, which was constructed for that purpose," he explained.
Sintons Mill was opened in the 1880s and employed hundreds of local people until its closure during the 1990s.
The agent for the Tandragee scheme is Dawson Stelfox of Consarc Conservation. Mr Stelfox has been involved some of Northern Ireland's most celebrated landmarks, including Parliament Buildings, Stormont, the Odyssey Arena and the Ormeau Gasworks.
(NS/GK)
