The Nylex sign will flicker to life once again.

Heritage Victoria this week approved permits for the controversial development of the former Richmond Maltings site.

It gives a green light for two towers of 13 storeys and 14 storeys, and also saves some of the sprawling industrial site's landmark concrete silos.

Developer Caydon had originally earmarked the silos for demolition to make way for its precinct of apartments, offices and restaurants, but more than half of the 1962 silos will now be retained.