The construction firm will complete the project for WV Living on the site for the Wednesfield High School on Lakefield Road, Wednesfield.
The new development, named 'The Marches', will include 67 affordable homes and comprise of one, two, three and four bedroom homes for sale.
Kate Martin, Director for Housing, City of Wolverhampton Council, said: "This is fantastic news for WV Living and for the city, The Marches will provide much needed quality homes to rent and high quality homes to buy.
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"WV Living is continuing to support the overall house building programme in the City of Wolverhampton and in appointing Willmott Dixon we will also see real, long-lasting benefits for the local community.
"Willmott Dixon's business commitment to social value and sustainable futures is a real strength and we are confident this development will also boost local business and skills, and add further pace to housing growth across the city."
Simon Liversage, Director for Willmott Dixon in the Midlands, added: "We are delighted to be working with WV Living to develop and build over 260 new houses and apartments, creating new housing stock for the people of Wolverhampton.
"At Willmott Dixon, we also believe we have a purpose beyond profit and that includes leaving a lasting positive legacy in the areas where we work."
Work will get underway on the homes in May 2019, with the first homes scheduled for completion in early 2020.
The development also forms part of WV Living's plans to deliver more than 1,000 new homes across the city over four years.
(CM/JG)
