The 24-acre site has been purchased by an English Development company, St Francis Group.
In a statement, Lisburn & Castlereagh City Council said it would work closely with St Francis Group to look at the wider vision for the site and continue to encourage stakeholder engagement.
It is understood the developer will deliver a master plan for the area, with ideas expected to be produced within the next 12 months.
The Hilden Mill site is an iconic local landmark and was home to the Barbour Thread Factory since 1823, however, following the closure works at the mill, the site has been vacant since 2006.
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Hilden brings a number of architectural, historical and sociological themes together; the Edwardian, Victorian and earlier buildings, the mill itself, the associated mill housing, and the mill school.
As a conserved site with listed structures, the Council envisions to retain the natural heritage and architecture while creating linkages with lagan walkways, greenways and the wider city infrastructure.
Councillor Uel Mackin, Chairman of Lisburn and Castlereagh City Council Development Committee, said: "This site offers an exciting opportunity for community sustainability. A vibrant landmark to live and work will be a real boost for the local economy. During the development process we will ensure engagement with all interested parties to help shape the regeneration opportunity of Hilden Mill."
Chief Executive Theresa Donaldson added: "We are pleased to see this development moving in the right direction. Hilden Mill is a key site and an asset to Lisburn & Castlereagh City heritage, with the right proposal this development could really make a positive contribution and change for the city."
(JP/MH)
