Build-to-rent developer Placefirst has unveiled a first look at the new project, which will run on five acres of brownfield land off Lower Horseley Fields in Canalside Quarter.
The development, which will feature a mix of new build homes and sensitive restoration of heritage properties, represents a key element of the first phase of the council's plans to transform the city centre's canalside area around a mix of residential, leisure and commercial spaces.
The council, in partnership with the Canal and River Trust and West Midlands Combined Authority, aims to deliver a transformational vision of more than 1,000 homes to create a sustainable, mixed use community in Wolverhampton city centre.
A planning application is set to be submitted in the coming months, with construction due to start later in 2020 if permission is granted.
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The scheme represents the first for Placefirst in the Midlands, following its delivery of a range of award winning build to rent communities across the North West, Yorkshire and the North East.
Councillor Harman Banger, Cabinet Member for City Economy, said: "We are delighted Placefirst has committed to this major residential waterside scheme in our city centre.
"Canalside is a large and exciting opportunity that will require determined and skilful leadership to realise the opportunity.
"This is an exciting step in delivering a nationally significant development at this wonderful heritage location. It also forms part of how we are reimagining our city centre as part of more than £1billion of investment on site or in the pipeline."
David Mawson, chief executive officer of Placefirst, added: "Placefirst is working with City of Wolverhampton Council to deliver its ambitious vision for the Canalside Quarter and kickstarting the multi billion pound regeneration of the city.
"We have developed our plans for the Canalside Quarter within the wider transformational framework set out by the council. Our proposals reflect our shared ambition to raise the bar in terms of quality residential homes in the city centre.
"As our first project in the Midlands, Canalside represents an important milestone for Placefirst. Through good design and excellent placemaking, our proposals seek to deliver a new sustainable, intergenerational waterside community for Wolverhampton."
(CM/MH)
