The £2bn project entails the rationalisation and master planning of the 57 acre site situated next to Vauxhall Cross, Nine Elms.
St Modwen and Vinci, operating together as VSM Estates, were named preferred bidders for the project back in March 2012.
The regeneration of the existing New Covent Garden Market site will see the development of 550,000 sq ft of new facilities to house some 200 businesses that make up the UK's largest fruit, vegetable and flower market. These new facilities will be funded through the release of 20 acres of surplus land that will be developed to provide up to 2,800 homes and 115,000 sq ft of commercial accommodation.
Nine Elms is one of London's key development areas. Projects already under way include construction of the new United States embassy and the redevelopment of Battersea power station.
St Modwen chief executive Bill Oliver said: "The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites. Vinci and St Modwen are very pleased to have now signed contracts with the CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development."
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