SevenCapital has bought the site on Marriott Road overlooking the Dudley Canal.
The development is set to feature a mix of 45 two- and three-storey townhouses each with a private garden and 48 apartments, with a total gross development value of £16 million.
As part of the planning agreement for the development, agreed by the planning committee as making best use of the brownfield site to deliver quality family homes, plus financial contributions will be made towards education and highways improvement works within the local area.
Jonathan Richards, managing director for homes, at SevenCapital said: “This is a sound acquisition that will see languishing, former industrial land revitalised in a way that will better serve the surrounding area. The site is in an attractive location along the canal, surrounded by existing residential neighbourhoods, with good amenities and transport links nearby, making it an ideal location for anyone looking to move into a quality, new-build home in the area.”
Work on site is due to start this summer, with demolition of the existing industrial buildings and site remediation works.