Barratt Homes has bought a 22-acre development site from Birmingham City Council and Homes England.
The former Matthew Boulton College site is located on the outskirts of Birmingham city centre and has planning permission for 778 homes.
Councillors granted approval last month after Barratt revised its plans to include a mix of flats and houses, including almost 150 three-bedroom homes, and additional green space.
Waheed Nazir, chief planning officer at Birmingham City Council, said: “It’s fantastic that the developer has adapted their plans and we welcome the revised designs.
“The improved mix of houses, flats, the on-site affordable housing and the additional green space included in the proposals is exactly the type of development that the city needs.”
Birmingham City Council and Homes England were advised by Cushman & Wakefield.
Work is expected to start on site in the summer of 2018.