A pub is due to be turned into luxury apartments as part of a £2m redevelopment.
Lacuna Developments is planning to turn 1 Stewart's Place and the Old Priory Inn, Holywood, into a new housing scheme.
The Holywood-based developer, which bought the site in January, has now submitted plans to develop the listed building on Stewart's Place as three one-bedroom luxury apartments.
The remainder of the site will be redeveloped as 14 two-bedroom apartments.
The firm said that efforts have been made to "preserve and reinstate features of the original 1 Stewart's Place building" which is thought to have been built around 1840 by William Lowry.
The site was put on the market for around £400,000 last year.
The Old Priory Inn, on the town's High Street, has been empty for around 10 years.
Lacuna's managing director Anthony Best said: "Before we bought the site, 1 Stewart's Place had fallen into a terrible state of repair, resulting in a collapse of the wall on to the corner of High Street and Stewart's Place. The collapse created an eyesore and disruption, which left the remainder of the building at risk."
He added: "It is very important to us that we both reinstate the character of the listed building and regenerate an important gateway site for the town.
"The ground floor apartment at Stewart's Place will have its own door in the same location as the original door before the wall collapsed; with steps leading up to the front door as before."
Larry Thompson, chairman of Holywood Conservation Group, said: "We were naturally concerned after the collapse that an important building within the Holywood Conservation Area could be lost. We welcome the open and constructive approach the developers have taken to secure the safety and future of this listed building. We will look forward to the redevelopment of the site, and we will continue to work with them to ensure the original character of the listed building is reinstated."
Lacuna is developing a number of projects in Belfast. They include student accommodation on the Dublin Road in a joint venture with Welsh property firm Watkin Jones.