The former school building will contain the city centre’s first £1million-plus penthouse apartments.
A planning application has been lodged with Leeds City Council with a decision expected in late Spring.
Priestley Homes’ main contractor, Priestley Construction, intends to begin work as soon as approval is granted aiming for a Q4 2022 completion.
The building has sat empty since 2018 when plans for a luxury hotel collapsed.
Nathan Priestley, chief executive officer of the Priestley Group, said: “As a Leeds-based business, it’s great to be able to re-energise one of the grandest buildings in the city centre and transform it into must-have homes.
“We excel at breathing new life into heritage buildings with ambitious plans that are meticulously realised.
“Most of the development in Leeds city centre is allocated to student housing and PRS schemes.
“We believe there is a huge shortage of truly magnificent homes for owner-occupiers that give a taste of individuality and elegance; something that we will set out to deliver at 2 Great George Street.
“This is truly one of a kind for Leeds centre, rivalling high-end developments like One Hyde Park in London and beyond.
“We have focused on spacious, luxurious designs and going beyond the normal requirements for private outdoor spaces in listed conversions, reflecting the current work-from-home situation, and how we see city centre living evolving in the future.”