The development will be a ‘gateway’ project to Eutopia Homes’ first Exeter project, Exmouth Junction, which was approved by Exeter City Council in March this year.
Exmouth Junction will see a £130m urban village built on 15 acres of brownfield land.
A mix of affordable, private rented and for-sale housing is to be provided alongside extra-care units, representing 465 new homes in total.
The scheme was designed to set new benchmarks for sustainable development by prioritising cycle and pedestrian mobility above car use.
Only 0.4 car parking spaces will be provided per unit at Exmouth Junction, with an on-site car club that will be operated through an app-based system.
There will also be a new cycle path and over 1,000 bike spaces provided on-site as well as electric car and bike hire schemes to encourage more sustainable methods of travel.
Eutopia Homes was launched in 2017 by Scott Hammond and has since secured a £365m development pipeline with the backing of Chenavari Investment Managers.
Eutopia Homes also has a £105m scheme in Salford to deliver 500 homes close to MediaCityUK.
Darling Associates, which opened an office in Manchester last year, is the architect on all the three projects.
Scott Hammond, founder and CEO at Eutopia Homes, said: “While Covid-19 has inevitably caused some disruption, the housing market has demonstrated remarkable resilience during this pandemic and we remain confident in the long-term outlook for UK residential.
“Delivering more homes of all types and tenures will be crucial to ensuring cities like Exeter remain competitive and that talent isn’t priced out.”