Dumfries and Galloway Council are working in partnership with DGHP and the Wheatley Group on the project which will see 12 empty blocks replaced with new, high quality and affordable housing.
The block of flats in Findlater Court, along with others owned by DGHP, have been empty for a number of years.
Demand for rented accommodation in the region is high, but some areas of social housing remain out of favour.
And there are concerns that the empty properties, like those in Findlater Court, can cause blight and attract anti-social behaviour.
A DGHP spokesperson said: “Lochside is just one of many areas we are looking at as part of our wider regeneration programme for Dumfries and Galloway.
“Work is currently ongoing, in partnership with Dumfries and Galloway Council, to transform 12 empty blocks in Lochside.
“We have been engaging with the local community on ambitious plans to transform the area into a thriving, healthy and sustainable neighbourhood where people want to live.
“Their views will continue to shape the plans going forward to make sure the proposals fit with the needs of those living in the area.
“Over the next five years we intend to develop hundreds of new homes which will make a difference to our tenants and communities across the region, bringing additional investment to our neighbourhoods as well as giving a boost to the local economy.”