Lotus Homes (UK) Ltd will progress the project at the Enkalon site, which will comprise of 74 homes made up of detached, semi-detached, chalet bungalows and apartments which will all feature energy saving solar panels.
The planning application was processed in just under 28 weeks and passed by the Council's Planning Committee at its January meeting.
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The development will also sustain up to 80 construction jobs.
Mayor of Antrim and Newtownabbey Alderman Stephen Ross said: "This new housing development will completely transform this rundown site. Antrim is currently undergoing major regeneration works in the town centre and surrounding areas and this investment by Lotus Homes reinforces Antrim as a prime location to live, work and invest in."
Chairperson of Antrim and Newtownabbey Council's Planning Committee, Alderman Fraser Agnew MBE added: "This new housing development represents an investment of £18m to our Borough and will attract more young families and professionals to set up home in Antrim. The Council is well on track to achieve its ambitious plan of attracting £1bn investment and the creation of 2500 jobs by 2025."
