The site of the former Wednesfield High School will see 266 homes developed on it.
There will be a mixture of 210 two-storey two-bedroom houses, two and three-storey three-bedroom and four-bedroom houses, and 56 two-bedroom apartments built for market sale and rent.
A quarter of the homes developed will be affordable housing for rent and shared ownership.
A contractor will be appointed by May, with work expected to start later this year.
It is part of WV Living’s first phase of delivering more than 1,000 new homes over the next four years, as the council’s own housing company.
Councillor Peter Bilson, Deputy Leader and Cabinet Member for City Housing and Assets, said: “This is great news for WV Living as it is the biggest development in the first phase of its building programme.
“It will deliver hundreds of much-needed homes for the city.
“The designs that have been created will provide top quality developments with strong local links, which residents can be proud of.
“There is a strong belief that a council-owned housing company is both viable and offers the best outcomes for the council in terms of both strategic housing and income generation.
“WV Living’s plans will support the overall house building programme in the City of Wolverhampton and we hope people will love their WV Living homes.”
First phase development has started with 52 homes, including 13 affordable homes, on the site of the former Danesmore Park Primary School in Ashmore Park.
Work on WV Living homes is also expected to start in spring 2018 on the former Ettingshall Primary School site, a plot of land on nearby Sweetbriar Road, and the former Prouds Lane Leisure Centre site, all with planning permission in place.
Full information on the homes, the development sites and how to register an interest in viewing or buying, is available on the WV Living website: www.wvliving.co.uk