Tesco was given planning permission to build in Lowfield Street in November 2011, but the site remained derelict.
Jeremy Kite, leader of Dartford Borough Council, said, "few will be sorry to see an end to Tesco's involvement".
He had previously branded the supermarket's reputation in Dartford as "toxic".
Tesco is selling off more than a dozen sites across the country that it no longer wants to a property company in a £250m deal.
They are part of nearly 50 projects which Tesco said earlier this year it was abandoning.
Tesco is selling the sites to Meyer Bergman.
Mr Kite said the sale was a "fresh start with the new owners".
He said: "The important thing now, is to ensure that Meyer Bergman bring forward plans that meet our town's aspirations, respect the quality parkland environment it borders and make a positive contribution to the growth and resurgence of our town centre."
Dave Lewis, who is Tesco's chief executive, said: "We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.
"We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover and look forward to the delivery of investment on these sites."
The sale of the mothballed Tesco site in Dartford has been welcomed following a bitter dispute between the borough council and supermarket.