The Toowoomba Regional Council has approved the development of the former Defiance Flour Mill site on Ruthven Street.
Council approved the application after six weeks of assessment.
The Toowoomba Mills Precinct project will include a number of food and retail outlets.
Both internal and external renovations will made to the building all the while maintaining clear references to the original use of the site.
The developer for the project Mandy Adams says they are now taking interest from any business operators in the retail, cafe, restaurant sectors who have their sights set on opening a business in the precinct.