The joint venture partners will work alongside Rushcliffe Borough Council to deliver 51 affordable homes as well as 120 open-market sale homes.
Construction work will start shortly on Wilford Lane project, worth £44m, which is is due to complete within four years.
The first homes are expected to be available for sale from autumn 2018.
As part of the project, Galliford Try Partnerships will also provide access to the land adjacent to the site that is owned by Nottinghamshire County Council, which is planned to be used for a new school.
Galliford Try Partnerships’ Chief Executive, Stephen Teagle, said: “This partnership is the first major contract for our recently established East Midlands team, helping us to further strengthen our national footprint as a leading regeneration specialist.”
“We’re now looking forward to developing a long-term partnership with Metropolitan, combining our skills to fully unlock the potential of this project.”