First Endeavour will deliver housing units at Wellheads Road in Dyce after entering an agreement with Aberdeen City Council.
The site was marketed at a Developers' Day held by the Council last year to encourage the private sector to come forward with housing provision.
Council Co-Leader Councillor Jenny Laing said: "We are delighted to announce that we are partnering with First Endeavour LLP to provide nearly 300 council homes.
"As a Council we are committed to finding innovative ways to deliver both services and new infrastructure, including an additional 2,000 council homes.
"We are working with landowners and developers to provide much-needed local authority housing."
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Fellow Council Co-Leader Councillor Douglas Lumsden said: "Our new-build programme is gathering momentum with a number of projects under way or about to start.
"This isn't just about building housing – it's about building communities and opportunities and ensuring that our city continues to prosper in an inclusive way."
Work on the £30 million Wellheads Road development is expected to start in autumn.
A First Endeavour LLP spokesperson said: "First Endeavour are delighted to be working with Aberdeen City Council to be building much-needed council homes in Dyce.
"These homes will be built to the highest standards to meet the needs of council tenants, including those with a disability."
Last year 99 council homes were built at Smithfield, 80 are nearing completion at Manor Walk, 369 are earmarked for the former Summerhill Academy site, and there are plans for more new homes at Tillydrone, Kincorth, Craighill and Greenferns.
World-leading project and programme consultancy Faithful+Gould has been appointed to help hit the target of 2,000 additional council homes across the city.
Stewart Ferguson, Regional Director of SNC Lavalin's Faithful+Gould business, said: "Building upon our long-term relationship with Aberdeen City Council, we are delighted to be leading one of the most high-profile and ambitious housing programmes in a generation.
"The Council's innovative approach is based upon the 'Building in Quality' methodology and will positively contribute to Aberdeen's social housing offer and the city's prosperity."
(MH/JG)
