Leeds City Council made the vacant 0.18-hectare plot at Meadow Lane available for purchase last year as part of its efforts to drive regeneration activity across the South Bank.
Now the council has confirmed that property company Glenbrook has been chosen as the preferred bidder for the site.
Subject to the award of planning permission and the full conclusion of the sale, it will be brought forward by Glenbrook as a high-quality residential scheme that will include affordable housing.
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The site was created as part of a recent transformation of Meadow Lane by the council that involved the reconfiguration of the highway, the removal of the old Hunslet Lane surface car park and the laying out of attractive green space.
The new building would, it is anticipated, complement existing landmarks such as the David Oluwale Bridge and the Hibiscus Rising sculpture, and also act as an impressive linking point between the nearby Aire Park development and the rest of the city centre.
The sale would generate a substantial capital receipt for the council, which is currently facing unprecedented budget pressures.
The site was marketed for the council by the Leeds office of global real estate firm Cushman and Wakefield.
