The stalled project has been unlocked thanks to a £5.6m investment from the Homes and Communities Agency.
Leader of Nottingham City Council John Collins, said getting the project off the ground ranked as one of the city’s biggest achievements over the last 10 years.
Work will now start in earnest on 95 new homes, which is the first phase of the overall £50m Stonebridge Park community-led regeneration scheme.
The masterplan was approved by the tenants and residents association to develop 258 new homes aimed at the comprehensive regeneration of the site.
Site preparation has been taking place throughout the past month.
Councillor Dave Liversidge, Nottingham City Council’s Portfolio holder for Housing Delivery, said: “The City Council has made a considerable investment in the site by demolishing the unpopular low-rise maisonettes and flats to create the right conditions for the development to take place.
“The investment will help to renew and reinvigorate the area and taken together with other investments close by – at the Rose Hill School and the extra care facility at Albany Court – Stonebridge Park will be a hive of activity for some time, creating more choice for residents and a sustainable neighbourhood.”
All homes on the project will be built to high environmental and design standards, with the houses achieving Level 4 of the Code for Sustainable Homes. Improvements to the public realm and green space, including Rocket Park, have been incorporated in the plans.
Located on the north eastern fringes of Nottingham city centre, Stonebridge Park is a 60s built estate of around 500 homes now suffering from poor housing standards and bad connectivity typical of ‘Radburn’ layout estates.