Works will cover the construction of around 104 houses and eight flats.
Extensive remodelling of the site and construction of retaining walls will also come under the deal.
Between six and 10 bidders will be invited to tender for the two-year job.
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Firms have until 5 January to express an interest.
Meanwhile, a £40m project to build two new schools in Derry has been given the go ahead.
St Mary's College in Creggan will move to a new building on the Northland Road, and St Cecilia's College will relocate to a site on Bligh's Lane.
Work on the Public Private Partnership will begin as soon as possible.
Schools Minister Caitríona Ruane said: "The new facilities will provide the pupils attending these schools with a rewarding educational experience and I look forward to visiting when they are complete."
The principal of St Mary's College, Marie Lindsay, said the announcement has been a long time coming.
(PR)
