No. 2 Moorfields, a 63,000 sq ft former office building in Liverpool's central business district, is to be converted into apartments.
The 30-year-old block will see 136 studio apartments created in the upper floors under plans drawn up by architects Falconer Chester Hall for Isle of Man client Miller Services.
A ground floor office and blood donor suite will remain under the proposals.
The building design will reflect the local context on Dale Street by including projecting windows in the first to fourth floor apartments, similar to those found on the nearby Ibis Styles hotel.
The proposals for a change of use to a residential property work alongside the council's aspirations for the area which forms part of a 'distinctive neighbourhood' outlined by the strategic investment framework. This identified opportunities for buildings no longer needed as office space to become places to live.
Adam Hall, managing director of Falconer Chester Hall, said: "This is a very recognisable red-brick building which will benefit from a sympathetic conversion into apartments ideal for those looking to live close to their place of work or city centre amenities.
"The development will also add extra benefits for local businesses by bringing in new economically active residents."