CD Cox's building on Dalton St, where owners Greg and Wendy Nowell Usticke are converting the middle floors into two Art Deco apartments, will be the second recipient.
The third is the Golden Crown building on Dickens St, which is getting an overhaul by Wallace Development with a new restaurant tenanting the ground floor and a renovation of the first floor apartment and earthquake strengthening.
Funds awarded will again assist the painting of the facade.
The fund is named after Robert McGregor (1940-2015) who was a founding member of Art Deco Trust.
NCC strategic planning lead Fleur Lincoln said the council was delighted to see all three projects under way.
"It will certainly make a significant impact on the streetscape over time which is exactly the intention of the fund. It is fantastic to see building owners enhancing their facades and shows how much we all really value our heritage."