The building's developer and owner, structural engineer Michael King, said the mill building - one of two buildings on the site - is essentially complete and just needs the final code of compliance sign off from the city council.
Once the mill building has been reopened, King has planned to fit out the larger grain building, which has been structurally restored, with apartments and small restaurants.
A revamp to the theatre on the site has been planned too.
"I'm trying to make it an entertainment area," King said, "a living, working, thriving, 24 hours-a-day type of environment."
The Wood Brothers mill can be found just off Lincoln Road, near the Court Theatre.
The mill building will mainly be offices, King said, but he admitted one buyer was hoping to turn a floor into an apartment-office hybrid.
Space inside the heritage site is available by negotiation.
"That is essentially what I wanted to happen here," King said, adding that the point of the project was not to have people live in his vision, but for them to leave their own mark.
"I'm hoping that this will be a little catalyst to help this little corner of the city create its own little vibe and its own little fun," King said.
