Hallam Towers will be demolished to make way for luxurious apartments on Fulwood Road in Sheffield.
The new homes, at the bottom of Fulwood Road, will be within a gated community with apartments available from £300,000.
The top part of the block, near Manchester Road will offer seven serviced building plots, allowing buyers to design their own up-market homes, from just under £500,000.
Hallam Towers was built in 1965, and for many years was seen as one of the most remarkable buildings in the city, but it closed in 2004 and has been vacant and derelict since.
The buyer, who has not yet been revealed, will submit plans to the council soon.
The Hallamshire Post 