The Howden's Quay area has been derelict for some time.
Cllr for Larne Lough, Mark McKinty, said: "Larne residents and visitors noted the positive impact of minor improvements prior to the Giro d'Italia. This latest announcement is a welcome boost for the local economy.
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"This site will incorporate residential, industrial and leisure facilities. It is perfectly located close to the Town Centre, near the Port of Larne, and is well connected to Belfast via the ongoing A8 and A2 dualling works.
"As a local councillor, I fully support this type of mixed development, especially within a regeneration context; the business element provides jobs to the local economy, all of which is boosted by increased footfall and a larger target audience from the new residents, and the leisure facilities provide an increased quality of life for all ages."
(CD/MH)
