Located in the Merchant City area of Glasgow, the proposed development will include homes and shops.
The scheme is being promoted by Candleriggs, a 50/50 joint venture between the investment arm of Mace and funds managed by Mercer Real Estate Partners. Richard Murphy Architects is taking the lead on design and JLL is advising on planning.
The aim is to submit a planning application by the end of 2014.
Mace development director Mike Myles said: “We are incredibly excited to have acquired the site and we look forward to developing proposals in conjunction with Glasgow City Council and local stakeholders. We are fully committed to developing a high class scheme that will positively contribute to the Merchant City”.
Glasgow City Council leader Gordon Matheson backs the scheme. He said: "It's great news plans for the redevelopment of the Candleriggs site are now progressing. Local residents and businesses are delighted the site has been cleared over recent weeks and are looking forward to seeing it brought back to life.
"The plans for the Candleriggs site will, I am sure, be of the very highest quality and very exciting. The council and the local community will look forward to working with Mace and Mercer Real Estate Partners on their plans, which when complete will strengthen Merchant City's position as a jewel in Glasgow's crown."