Salmon Harvester Properties has bought a 23-acre site in High Wycombe, Buckinghamshire, at present used for bible translation, to turn into care homes.
The investor and developer has formed a joint venture with Rock Care Partnership to turn the site into a £40m, 156-unit supported living community.
Salmon Harvester paid Wycliffe Bible Translators £5m for the site, which includes the 120,000 sq ft Wycliffe Centre.
A planning application for the development will be submitted next month and, subject to consent, construction will begin in early 2014, with completion a year later.
Salmon Harvester chief executive Doug Stewart said: