Falkirk Council's planning committee approved plans for 24 new flats and six new houses at the junction of Commissioner Street and Union Street.
Councillors said they will transform a "vacant, overgrown and derelict site" and improve the character and appearance of the town centre conservation area.
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The new development will have a terrace of six, two-storey houses facing onto Commissioner Street, while the flats will be in two three-storey blocks, fronting Union Street and the corner of Union Street and Commissioner Street.
All the homes, designed by Arka Architects by MGR Holdings Ltd, will be affordable housing for a registered social landlord.
The plans came before committee because of an objection by the Health and Safety Executive, due to the fact that the Forties pipeline runs underneath the town.
Ineos said that the safety and engineering integrity of the pipeline would not be affected.