An ambitious £3.5m project to build new homes, a new bank and retail units at the site of the former Northern Bank on the Doagh Road and Old Irish Highway was given the green light at recent council planning meeting.
Deramore Property Group have been granted approval to build a total of 18 apartments, two retail units, two office unites and a new bank..
The site has remained vacant since the building was razed.
Cloughfern, which stands between the Rathcoole and Rathfern estates, was one of the worst hit areas when loyalists took to the streets to protest about the controversial Whiterock Parade in 2005.
The bank was torched during a second night of civil unrest. Its gates were ram-raided and local residents watched aghast as the building went up in smoke.
A spokeswoman for Northern Bank said: "Since our branch in Cloughfern was destroyed by fire, we have been working hard to support customers through our branch in Glengormley and other nearby branches.
"Our intention has always been to reinvest in Cloughfern and rebuild the branch for the local community. At this stage we do not have an exact timescale for this but are continuing to work closely with the developers with the aim of re-opening the branch as soon as possible.
"We will update customers as soon as we can confirm further details. In the meantime, we thank our customers for their continued custom, loyalty and patience."
Other businesses in the area destroyed during the riots included a Chinese takeaway, a DUP Advice Centre and the Probation Board Office.