Barratt Developments has been picked by Plymouth Community Homes as developer for the first phase of the city's North Prospect regeneration.
The new build programme will see up to 250 homes constructed, and a further 60 refurbished over the next three years.
A full planning application will be submitted in October and construction work is scheduled to start in February 2011.
The scheme is being delivered through the Homes and Communities Agency (HCA) Delivery Partner Panel, which aims to bring publicly owned-land forward for residential development.
Plymouth Community Homes operates around 15,000 properties, following a stock transfer from the city council in 2008.
Tim Larner, managing director of Barratt Exeter, said: "This is the first site for which Barratt has been selected through the HCA's Delivery Partner Panel and we look forward to many similar successes across the country in the coming months."