The project is for 300 new homes, including 50% allocated for affordable housing. A new entrance to Lea Bridge station will also be created, plus 3,000 square metres of space for shops, offices and community facilities
Nearly 300 jobs will be created on the construction site, with 15% to be filled by local people, the council said.
London Square Partners is a developer ultimately owned by US private equity firm Ares Management.
London Square chief executive Adam Lawrence said: “This is a landmark scheme for the Lea Bridge area, bringing new homes, backed by significant investment to provide support for local people through schools, jobs, training, cultural and community facilities,”
Mike Johnson, group development director at One Housing, added: “As a housing association with a strong social purpose, One Housing’s role in the regeneration of this area is more than just about bricks and mortar and will include improving employment and training opportunities alongside the new development to help transform the area.”