The scheme will consist of 474 residential units at the location of the former Derbyshire Royal Infirmary.
The Nightingale Quarter will comprise 349 apartments and 125 townhouses over three phases.
Construction began in mid-December, with the first phase of sales set to launch at the end of this month.
The initial houses are scheduled for delivery by the end of September 2020.
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Randeesh Sandhu, CEO at Urban Exposure, said: “We are delighted to be supporting a project that will be transformative for central Derby, supporting the delivery of much-needed housing for the local population.
“The site has been disused for several years, which makes it all the more pleasing to provide Derby’s residents with an opportunity to live in a thriving new community in an exceptional location.
“We are also pleased to be working with BBS and Wavensmere who have an excellent track record and a clear desire to work on further developments in the Midlands…”
Nick Spencer of BBS added: “The Nightingale Quarter will offer Derby residents the best of urban living in a carefully designed community, which will offer a large proportion of green space and on-site leisure amenity, while also paying homage to the historic nature of the site.”