The project will be located in the city centre and is being delivered by the local authority, in partnership with Stirling Development Agency and Steadfast Homes.
CCG (Scotland) Ltd is the appointed contractor for the scheme, the Council has said.
The multi-million pound investment will see a six-storey building constructed at the corner of Goosecroft Road and Maxwell Place. When completed, the development will consist of three ground-floor retail units and 53 one- and two-bedroom affordable apartments. The homes will be made available by Steadfast Homes at mid-market rates. The organisation will also manage the development on an ongoing basis.
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Councillor Violet Weir, Housing Convener, said: "This ambitious development will provide much-needing affordable housing for Stirling Council, in the city centre with unrivalled access to local amenities."
Tony Cain, Head of Housing, added: "This project will transform a derelict site on the edge of the city centre conservation area and provide Stirling with a striking new modern building."
Bruce Lindsay, CCG (Scotland) Ltd Development Manager, commented: "We are delighted to be working with Stirling Council and partners to support the regeneration of this vacant site, creating a vibrant community with the construction of affordable homes and retail space."
The development is expected to be completed by Christmas 2015, with the apartments being made available shortly afterwards.
(JP/MH)
