As principal contractor, the firm will deliver a development on the site of the former Birmingham City University campus in Perry Barr for 6,500 athletes and officials coming to Birmingham in the summer of 2022.
The accommodation will also feature a running track and green spaces and is a short distance from Alexander Stadium where the track and field events will take place.
After the Games it will be used to provide 1,400 new homes for the area.
Proposals for the development, due to be considered by the council’s planning committee next month, also include an extra care village for older people, retail and commercial space, and a new community centre.
Demolition of the former BCU buildings started in June and is due to complete shortly.
Councillor Ian Ward, Leader of Birmingham City Council, said: “It’s great to have Lendlease on board.
“They have an unmatched track record of delivering major projects like this on time and to the highest quality.”
Waheed Nazir, Birmingham City Council’s Corporate Director for Economy, said: “We have made great strides since the Commonwealth Games were awarded to Birmingham in December 2017.
“In less than a year we have assembled all the land we need for the residential component of the development, nearly completed the demolition of the BCU buildings, designed the new development, submitted a planning application, and now appointed a principal contractor.
“This really does show how the public sector can deliver major redevelopment schemes at scale and pace.”
Glenn Howell Architects – Architecture • Arcadis – Landscape • Phil Jones Associates – Urban Design and Civils • Hoare Lea – Mechanical and Electrical • Couch Consulting – Structural