A Grade 2-listed building on Great Clowes Street in Broughton, Salford, is being refurbished to provide two floors dedicated to business space and two floors of self-contained apartments.
The £1.7m scheme is being supported by Salford City Council, which contributed £135,000 to the project, and Godliman-Watson Homes, which secured £250,000 from the European Regional Development Fund and made a £400,000 land value contribution.
Salford University has provided £150,000 for a 26 year lease of offices. Contour Homes secured £420,000 of Homes & Communities Agency funding towards the project and has contributed £230,000 of its own private finance.
Developer Godliman-Watson Homes has already transformed neighbouring buildings to the property, which is being renamed Spark Studio.
Cllr Peter Connor, from Salford City Council, said: "Spark Studio is a great example of the public and private sector working together to revive a landmark building and establish a live-work centre offering accommodation and workspace for budding entrepreneurs and the local community."
The partnership behind the scheme also said it is envisaged that creative cottage industries would particularly suit Spark Studio and Salford University will be helping to market the scheme to its graduate and alumni community.
The partnership is targeting later this year for the first tenants to be at Spark Studio.