Galliford Try Partnerships has bought the 10-acre former dog racing site from Cheshire West & Chester Council for £3.65m.
The council launched the search for a residential developer to purchase the vacant plot in Thornton Road at the beginning of this year through a negotiated tender.
Part of the development agreement will include the construction of 30% affordable homes which the council will buy from Galliford Try once the project is completed.
Galliford Try markets its homes under the Linden Homes banner.
The council will retain the freehold interest in the site.
The stadium was bought by Liverpool-based director Phillip Warren in 2013 and was renovated to include new racing facilities and kennels. However the stadium closed in early 2014 and has been vacant ever since.
The council worked alongside Warren’s company Ellesmere Port Greyhound Stadium on the sale.