The partnership has been chosen as preferred developer following a procurement process by Poplar HARCA.
The regeneration scheme will be focused on Chrisp Street Market which was created for the Festival of Britain in 1951.
The revamp will create a new food shopping destination, with new outside eating areas and a mix of private and affordable homes.
Leisure, health and fitness, cultural and commercial developments are also planned.
United House and Allied London will now produce a detailed scheme with the aim to start work in 2014 with completion in 2017.
Jeffrey Adams, Group Chief Executive of United House, said: “The world is looking East and this is a great opportunity for United House and Allied London to work together to create new homes, shops and a new community focus for local people and for visitors to enjoy vibrant Chrisp Street market and the surrounding area.
“United House has an outstanding track record of working with local communities to deliver award-winning regeneration programmes and we look forward to creating a new sense of place in Poplar.”