The 900-pupil facility is expected to be built on a 19-acre site in Skibbereen.
Batt O'Keeffe said he was pleased efforts to secure the site are coming to an end.
Agreement is now at the final stage of conveyance.
"It's also worth noting that the project will mean an extension of the ring road in the town and pedestrian access which will relieve traffic congestion," said Minister O'Keeffe.
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This summer, Mr O'Keeffe asked County Cork VEC to start looking for a suitable site for the planned community school.
"I'd like to acknowledge the efficient manner in which the site has been identified and procured since that call.
"I appreciate the efforts of the VEC, West Cork Division of Cork County Council, Skibbereen Town Council and my department officials in advancing the project for Skibbereen."
He added: "I look forward to the development of the next stage of the new school."
The project will be delivered through the public-private partnership model.
Under the model, the private sector partner enters into a contract to design, build and fund the projects, while also having responsibility for the maintenance of the buildings and grounds over the 25-year life of the contract.
Announcements Minister O'Keeffe has made so far in respect of large-scale projects moving to tender and construction will create over 30,000 school places.
(PR/KMcA)
