Sydney developer JQZ has bought the former Darrell Lea site in Kogarah.
Announced late last month the deal was reportedly worth around $80 million.
The Lea family severed its connection with the site of its former chocolate making business, which was placed in voluntary liquidation in 2012.
The existing buildings will now make way for a mixed-use master-planned community. The proposal includes around 550 apartments across four residential buildings as well as 18 townhouses.
JQZ chief executive Jian Qiu Zhang said the site is perfect for the new project.
"Kogarah has been identified as a strategic centre by the NSW Government and this community will be perfectly located within two to three kilometres of the major employment hubs of Hurstville and Kogarah,’’ he said.
"Choosing the site is the most important decision we make as a development company. Convenience for our buyers and the lifestyle offering is paramount to us and this location fits the bill."
Construction is expected to start in January.