The new venue, owned by the same limited company that manages the Wings and Beer Co, on Cannon Street, will be 'opening soon' as works continue at the site.
The Mexican food and cocktail bar will open next door to the popular city pub The Stanley Arms, having previously been used as a pharmacy before being left empty.
The planning application, submitted to Preston City Council, applied for planning permission for the two-storey building to be transformed into the Mexican themed restaurant and takeaway to open between 11am and midnight.
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Works first began back in February, with the new restaurant set to bring ten new part and full-time jobs to the area.
It was submitted by Simon Meighan, who had previously opened his Wings & Beers sports bar in Cannon Street three years ago.
A spokesperson told the Post: "Taco and Tequila Co. is a concept that has been in the works for us for over a year. We wanted to take our time with the project to make sure we got everything true to how we wanted to represent Mexican food and tequila.
"Our main aim is to be serving great tacos, great tequila, and great company. Tequila has a bit of a bad name for itself from people doing low-quality shots on their nights out.
"We really want to highlight that tequila is so much more than that through great cocktails and high-quality tequilas being made in a truly sustainable way.
"We hope to see as many people as possible coming down to give it a try. Plans are to be opening soon and to keep an eye on our social media pages for the opening date announcement."
A report by consultant John Bridge, submitted with the application, states: “The proposal seeks to utilise a vacant unit and bring it back into use with an exciting street food offer.
“In turn, the re-opening of the building and the investment spent on the upkeep will create a new venue that may attract visitors to the surrounding buildings.”
Find out more on the Facebook page for the restaurant.
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