The 1.6121ha Waverley property is to be called Rotary Park Close and will provide views of the harbour, the sea and the city.
Rotary Park Close co-owner Pat Cummings, of LA Milton Ltd, said the site had good access, was surrounded by reserves on three sides and had ''magnificent views of the harbour''.
A clearance sale for the old school building was held last month, when all items and plant were sold, he said.
''Once consent has been granted, work can begin prior to the Christmas break, to take advantage of the spring season, and titles should be available early in the new year, all things going to plan.''
Mr Cummings declined to say how much the site cost, or how much its development would cost, but Dunedin City Council rates information show the property has a land value of $340,000 and a capital value of $1,125,000.
The school site was sold by tender by the Ministry of Education in July this year, after declining rolls forced the school's closure at the end of 2012.
The closure followed an internal dispute involving principal Carmel Casey, who became the focus of allegations of incompetent teaching practices.
The situation came to a head when parents began removing their children from the school and the roll dropped from more than 60 pupils to 21, in the space of two months.
Education Minister Hekia Parata ordered the appointment of a commissioner to take control of the school, but after community consultation, it was recommended the school be closed.
