SSYS Beatties Ltd purchased the building in 2020 following the announcement of the closure of the department store.
They have now started the process of securing a contractor for the first phase of development, which will see around 150 new homes concentrated around the multi storey car park and modern annex areas of the building.
It is hoped they will start works in early 2022 to transform the building.
Planning consent was granted by the Council earlier this year for a scheme proposing a total of 306 new homes and 7,000 square metres of retained commercial floorspace on the ground floor facing Victoria Street and Darlington Street.
Pragnesh Modhwadia of SSYS Beatties Ltd said: “We are aware of the importance of this historic building within Wolverhampton’s city centre and of the strong local affinity for the building.
“We are committed to bringing forward a sensitive redevelopment of the site that will help revitalise the city centre.
“We are also mindful of the need to upkeep the building in the short term, prior to main works commencing. We have been working closely with city partners to plan a programme of refurbishment works, including hoardings at the windows, and general repairs and maintenance. These works will commence shortly.”
City of Wolverhampton Council Deputy Leader and Cabinet Member for City Economy, Councillor Stephen Simkins, added: “We need to ensure that a building of this importance is brought back into use.
“We are working hard to reimagine the city centre as the high street landscape changes up and down the country and projects like this are vital to the city’s Relight priorities as we emerge from the pandemic.
“Attracting more people into the centre and encouraging more footfall by bringing city living to this iconic building should be strongly encouraged and we have been working closely with the owners to ensure they have the support needed to bring this scheme forward.”