Lovell will work in partnership with social housing provider First Wessex to build over 200 homes in Harefield, Sholing and Townhill Park areas of the city.
Work on the eco-friendly flats and houses is expected to begin in the spring subject to planning permission.
The new homes will meet Level 4 of the Code for Sustainable Homes, meaning they will be 44% more efficient than homes built to current building regulations.
Work at one site will also involve building seven new retail units to replace an existing shopping parade and relocating a children’s play area.
Paul Smith, chief executive of Morgan Sindall Group, said: “The award of these schemes further develops our partnership with First Wessex, a relationship established when Lovell was appointed to their contractor framework last year.
“The mixed tenure approach that First Wessex has chosen mirrors our view of how affordable housing schemes should be delivered.”