The 120-year-old Sugar Warehouse in Greenock will be restored as part of a £3.7m deal between regeneration agency Riverside Inverclyde and Clydeport.
The Category A-listed building, known locally as the Sugar Sheds, is a relic of the time when Greenock was a centre for sugar refining.
The warehouse will be part of a planned development at James Watt Dock.
The deal means Scotland's largest surviving cast iron and brick industrial building will be restored.
The remedial work starts immediately and is being carried out in partnership with Inverclyde Council and Historic Scotland.
"The Sugar Warehouse is a marvel of 19th Century engineering and ambition"
Initial studies have established that the building's basic structure is physically capable of conversion.
However, it was urgently recommended essential wind and watertight repairs were carried out.
Historic Scotland principal inspector Ranald Macinnes said: "The Sugar Warehouse is a marvel of 19th Century engineering and ambition.
"It is a reflection of, not only, the industrial past of Greenock but of Scotland.
"I look forward to this incredible building becoming a great example of sustainability and of how our historic buildings can play a part in revitalising communities while preserving their sense of place in a modern Scotland."
Riverside Inverclyde chief executive Bill Nicol said: "The Sugar Warehouse is an iconic building that has strong cultural and historical links to Inverclyde."
Architects FSP have been commissioned to develop a mixed residential and retail plan at the Sugar Warehouse.
FSP has worked on similar English waterfront mixed-use developments, including Liverpool's Albert Dock and London's West India Quay.
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