Box Hill Standard Brickworks could be replaced with townhouses next year.
The 7.2 hectare property at the end of Federation Street, off Elgar Road, is also mooted for an education centre and place of worship.
The project’s first stage would fill 1.2ha and include 71 double storey dwellings and eight of three floors.
Phileo Australia Limited director Alfred Sung told The Age he expects marketing and building to start next year.
The balance of the project would take shape the five years following, he added.
Planning minister Justin Madden rezoned the parcel to residential in 2006.
The school and church was approved by the Victorian Civil and Administrative Tribunal in April, 2007.
Near Centro Box Hill, Standard occupied the site from 1884.
It was used for landfill between 1990-1999.