The 27-acre development brings together health and housing to provide new facilities and homes for local people on the site of the former Michaelston Community College in Ely.
There will be over 100 homes for older people, as well as 128 homes for other age groups that will be for sale on the open market.
The scheme will include a new medical centre, community hub, cafe and working space around a central plaza.
Outdoor spaces include a sports area, community gardens, allotments and the retention and enhancement of the existing wooded areas.
Green infrastructure and sustainable urban drainage form an integral part of the scheme’s design.
Stuart Jones, regional development director at Wates Residential, said: “At Wates, we reimagine places for people to thrive. We are very proud of our work with Cardiff Council through the Cardiff Living programme, creating thriving communities across the city.
“This new wellbeing village – the city’s first – represents another milestone in our partnership, and we look forward to creating another vibrant community supporting the wellbeing of all residents.”