The firm will deliver over 200 homes at the Tower and Fort Works site in Graiseley and the former Tap Works site in Low Hill for the council as homes for rent and private sale.
Construction is now expected to start towards the end of the summer and should be completed by the end of 2020.
Deputy Leader and Cabinet Member for City Assets and Housing, Councillor Peter Bilson, said: “We are delighted we have been able to secure a developer of Galliford Try Partnerships’ quality for these two very important housing regeneration schemes in the City of Wolverhampton.”
Stephen Teagle, Chief Executive of Galliford Try Partnerships, added: “We are really pleased to step in and work with City of Wolverhampton Council to progress the proposals at Tap Works and Tower and Fort Works. Our intervention ensures these significant projects are delivered as originally agreed.
“Thanks to our strong regional presence, we can bring forward both of these important developments without the need to change the proposed tenures or delivery timescales.”
The Tap Works scheme will see around 150 homes delivered in three derelict locations – the former Armitage Shanks Tap Works Factory site, as well as land on Fifth Avenue and Broome Road.
Forty of the units will be council homes for rent, with the remainder to be sold as market housing.
The first council homes are set to be completed within a year. The remaining Council homes as well as market housing for sale is expected to be completed within three years.
The Tower and Fort Works contract will deliver 77 homes at the historic Great Brickkiln Street location. A quarter of the homes on this site will be set aside as affordable council houses.
The remainder is to be sold as market housing, with the development consisting of a mixture of two, three, four and five-bedroom houses, plus five apartments, including two wheelchair accessible flats.