Twenty-eight homes can be built by Tuntum Housing Association on the site of the former Dame Agnes Mellers pub in Nottingham after a deal brokered by Salloway Property Consultants.
Conditional planning permission has been granted by Nottingham City Council for 17 houses and 11 flats.
Now work can go ahead after landowners CWC Group agreed the deal with the association.
There will be one four-bedroom, eight three-bedroom and eight two-bedroom houses on the site alongside one two-bedroom and ten one-bedroom flats.
Planning permission is valid for the next three years.
Salloway Property Consultants managing director, Steve Salloway, said: "We are delighted to have helped with this sale which represented a value of approximately £750,000 per acre.
"We are aware of the excellent work of Tuntum in providing quality, affordable homes for people in need across the East Midlands."
The Dame Agnes Mellers was built as part of modern St Ann's in 1973 on land at the top of the Robin Hood Chase.
It was once a popular pub house and local rugby teams made it their main venue in the 1980s. It declined in popularity, was closed in 2005 and demolished soon afterwards.
The houses on the site will be two-storey and face into the site with their rear elevations onto Robin Hood Chase.
The flats are two-storey on Manning Street and three-storey on Woodborough Road.
Materials are primarily red brick with blue brick areas on the three-storey flats and some render panels.