Northern Ireland Development Minister, Margaret Ritchie, and Education Minister, Caitriona Ruane, have formally transferred the lands in Derry.
Work on the new Foyle and Londonderry College and Ebrington Primary School at the former Clooney base is not scheduled to begin until 2011/12.
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"This will become an integral part of the surrounding neighbourhoods with local people benefiting not just from excellent schools but also from state-of-the-art sporting and recreational facilities," said Margaret Ritchie.
Caitriona Ruane added: "It is through the success and achievements of our young people that we secure the continued growth and success of this area for us all."
The project also includes plans to construct the Clooney Greenway, a 1.75-mile landscaped pedestrian and cycle route to the rear of the school site linking Kilfennan Valley Park, St Columb's Park, and the Peace Bridge.
The land vacated by the college on Northland Road is to be used to facilitate the expansion of the University of Ulster's Magee campus.
(NS/BMcC)
