Social Development Minister Margaret Ritchie has pledged to transform the site in a bid to boost regeneration in the area.
Part of the minister's plan includes new social housing and premises for small businesses.
Ms Ritchie said: "The regeneration of the Curran Street site will be a major boost for the town. It has been lying vacant for far too long and is a significant blight in the area.
"I am determined to transform it and it reflects my commitment to revitalising Portadown. That is why I am using vesting powers at my disposal to ensure progress, rather than waiting any longer.
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The minister said Portadown forms part of her "powerful vision" for urban regeneration and economic development across Northern Ireland
"My Department's Regional Development Office has been working diligently with the local North West Portadown Neighbourhood Partnership and Portadown 2000 to assess how this site can be regenerated," she added.
The Curran Street site has been identified as part of a potential development site in the Craigavon 2010 Area Plan.
However, no proposals have emerged, largely due to the fact that there is a multiplicity of owners.
The Minister has now decided to use the vesting process to assemble the site.
It will then be made available under a developer's brief with a mixed use development of affordable housing and some small local business premises the likely outcome.
Craigavon Borough Council has backed the minister's plans.
(PR/JM)
