Sheet Anchor Evolve Limited bought the former Co-op site in Alexandra Road, Corby, last year for £1.02m.
The company is part owned by Caspar McDonald-Hall, who along with his family was featured at number 219 on the Sunday Times Rich List last year. He is estimated to be worth more than £600m. Several other co-directors are also involved in the company.
The Co-op shut back in 2016 after it became economically unviable and Corby Council have since earmarked the 0.8 hectare site for housing in their local plan.
Now local people have been told by planning consultancy Pegasus Group that they plan to build 77 flats on the site. They will be rented out at market rates.
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A letter sent to neighbours late last year outlined blueprints for a housing scheme to be built by a partnership of Wise Living Homes and Evolve Estates - a sister company that owns a stake in Sheet Anchor Evolve.
The plan includes 1,000 square foot of retail premises on the ground floor.
The letter states: "The proposed development will increase the supply of rental accommodation in Corby. It will reduce barriers to accessing housing for groups such as young professionals, single persons, couples who require independent living in a sustainable location but who are unable to access the housing market to buy a property.
"The design of the proposals at the site will seek to address the prominence of the site's location to ensure that it acts as a local landmark and enhances the townscape. The scheme will likely rise to a maximum of four storeys."
It is expected a planning application will be submitted to Corby Council imminently.
Sheet Anchor Evolve had property worth £68m at the end of its last accounting period, and made a profit of nearly £18m in 2018.