The $30 million project would create about 50 permanent jobs and is expected to generate $4.5 million in tax revenue annually.
Morton Salt planned to cease its packaging and warehousing operations at the Elston Avenue plant in October 2015, the company announced at the time.
Since then, the iconic sign has remained visible from the Kennedy Expressway.
RELATED: Morton Salt building wall collapses, salt covers cars at Acura dealership
Morton Salt wall collapses
The facility was in operation since the 1920s.
In December 2014, tons of salt spilled out of the Elston facility when a wall partially collapsed. No one was injured, but 11 cars were damaged at a neighboring Acura dealership.