Chancery House on Paradise Street in Liverpool city centre, formerly the Gordon Smith Institute for Seamen, is to be converted into 37 flats and a restaurant following planning approval by the local authority.
The project was designed by architects Falconer Chester Hall for client, Chancery House LLP, a Cumbria-based property consortium.
The apartments will be a mix of one, two and three-bedroom properties above 9,000 sq ft of commercial space on the ground and mezzanine level.
Adam Hall, managing director of Falconer Chester Hall, said: "Chancery House occupies an outstanding location between Liverpool ONE and the burgeoning creative quarter in the Baltic Triangle.
"This conversion will contribute to the vitality of the city centre through its commercial uses and provide excellent living accommodation in the heart of the city."
A two-storey rooftop extension will be created on the Hanover Street corner of the building, with a new six-storey link building erected on the existing car park behind Chancery House.
"The design of the extension and new building, together with the colour palette and cladding materials chosen, will reflect the existing collection of distinctive buildings in the location," added Hall.
Chancery House was built more than a century ago to provide assistance to seamen who had fallen on hard times.