The Flax Mill Maltings has been awarded the second highest lottery grant in the West Midlands.
The £12.8 million grant was the biggest given to a project in the recent round of funding which aims to promote heritage tourism in the UK.
Reyhan King, Head of Heritage Lottery Fund, West Midlands said: "We believe that heritage is more about just conserving buildings, and that's one of the reasons why we wanted to fund this project.
"What this will mean for the Shrewsbury area is activities for local people, there will also be an exhibition and display place that will attract tourists."
She added, "an estimated 300 employees will be based here, we feel that it demonstrates how heritage can support economic growth."