Developer Capital & Counties Properties today finalised an agreement with Hong Kong developers, the Kwok family, to form a joint venture company to develop the area.
Capco received £67m in cash for the 50% stake in the project.
The partners will now invest £300m in building the multi-store flats and town houses around a public garden square at the Seagrave Road car park site near the exhibition centre.
The project includes 200 affordable homes that will be offered to tenants in nearby estates due for regeneration.
Ian Hawksworth, Chief Executive of Capco said: “We are pleased to have completed our joint venture agreement in relation to the Seagrave Road project and look forward to starting on site in 2013 to create this exciting new residential quarter for London.”
The masterplan drawn-up by Sir Terry Farrell & Partners includes 7,500 new homes within 11.4m sq ft of development.
Proposals include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 23.5 acres of public open space.