Bids for the two-acre site on the edge of the city centre were received in October 2024.
The site already had planning permission for 41 homes but none of the bidders wanted to take those plans forward.
The highest bidder, Preferred Homes Ltd, wants to build a 72-unit home for older people with an average age of 75.
There will be predominantly one-bedroom self-contained units with extra care services on site.
According to the report the care homes are classed as affordable and Preferred Homes said rent would be “no more than 80% of the open market rent and service charge for a similar open market product”.
Exeter City Council officers have recommended approving the deal which will be discussed by the city council’s cabinet on Tuesday.
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