Housing Association Fyne Homes purchased the Lochgilphead High school and Mid Argyll Sports Centre building at manse Brae from Argyll and Bute Council in 2007.
The council built a school, Lochgilphead Joint Campus, as part of a multimillion pound public/private partnership scheme.
Fyne Homes is preparing to submit a planning application for the properties to help ease the housing waiting list and create much needed jobs in the local construction industry.
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Association director Alan McDougall said the homes would be mostly for rent, with some shared equity houses.
"When the necessary approvals are received we can then make further headway towards providing some much needed housing in the area," he said.
"There are currently 739 people on the waiting list for social housing in mid Argyll, with 364 of those listed living in Lochgilphead."
He added: "The new scheme will provide 64 new homes in phase one and a total of 100 when completed."
Fyne Homes has worked closely with local contractor M&K MacLeod, along with Oban-based CP Architects and quantity surveyor Morham and Brotchie.
"By using only local contractors, we are working hard to ensure that as much investment as possible stays within the local economy during these difficult financial times," said Mr McDougall.
(GK/JM)
