A formerly-blighted city lot on Park Street is set to be transformed into a middle income home, Mayor Martin Walsh's office announced Wednesday. The vacant lot will be rehabilitated through a partnership between Madison Park High School and YouthBuild Boston.

"We are not only building middle income housing in Dorchester, but we are also giving a new generation of students the tools they need for a bright future and good jobs," Walsh said in a statement. "This project is the kind of opportunity these students need in order to turn their education into real, tangible opportunity."

YouthBuild and its developing partners, Dudley Economic Empowerment Partners, have the green light to begin working with the city on finalizing design and financing plans for 556 Park St., Walsh's office said. Acquired by the city through foreclosure, the lot is expected to become a a single family, 3 bedroom, 1.5 bath home, approximately $300,000 sale price.

Tentative developer designation was awarded to the YouthBuild group by the City of Boston's Public Facilities Commission, and the development schedule is on an accelerated track. Through a series of design reviews, the property will be conveyed to the youth team after standards for green building and design have been met, along with financial conditions, the mayor's office said.

As with YouthBuild's similar project at 14 -16 North Avenue in Roxbury, students will build alongside carpenters and receive technical training through day to day work. Madison Park High School students will join union carpenters from the New England Regional Council of Carpenters, Walsh's office said.

"I look forward to these students gaining valuable experience and insights as they renovate this property into a home that a working class family can afford and be proud of," the mayor said.