The house builder is working in partnership with site owner, Dyson Industries, to regenerate the 11-acre site in Shelton New Road.
A detailed programme for the demolition and remediation of the site is being prepared to make way for 111 family homes, shops and a restaurant pub.
Work on the homes is expected to start next year sustaining 220 jobs during construction.
Mike Herbert, St Modwen’s North Staffordshire regional director, said: “We can now press on with Dyson Industries to ensure the early delivery of this scheme, which will bring significant levels of investment, contributing to the city’s housing supply and creating at least two construction jobs for every home built.”