The Triangle will be created when a connecting road is built between North Anderson Drive and Auchmill Road to ease traffic flow on the Haudagain roundabout.
Homes said to be of poor quality near the Haudagain – dubbed the Middlefield Triangle – are being demolished as part of Transport Scotland’s £30 million plan to alleviate pressure at the notorious bottleneck.
The council granted a building warrant for the demolition in November last year.
Committee vice-convener Councillor Gordon Graham said: “I am delighted that a preferred bidder has been selected for the Middlefield Triangle and that we can look forward to seeing detailed regeneration plans.
“During the pre-application process the council will work with Dandara to ensure that the community’s views are taken into consideration.”
Dandara director Neil Young said: “We are very pleased to have been selected as preferred bidder for this strategically important site, and look forward to helping to breathe new life into the area.
“A mixed-use development is envisaged for the ‘Middlefield Triangle’, and proposals for the land will be unveiled in the coming months.”