The Electric Quarter Scheme in Ponders End will create new homes alongside new commercial and retail space off the High Street and Queensway.
Construction work is set to start in 2015, subject to consultation and planning permission.
The plan is to build approximately 160 homes for open market sale and 88 homes for affordable and intermediate rent, along with 1,050m2 of non-residential space.
The Electric Quarter scheme is named in honour of electric light bulb inventor Joseph Swan, who lived on Ponders End High Street.
Lovell won the contract through a competitive tendering process.
Lovell regional director Peter Taylor said: “It is exciting to bring our expertise in delivering large-scale, complex urban regeneration programmes to this major mixed use project for Ponders End. Delivering much-needed high-quality open market and affordable homes, alongside new retail, community and commercial space, the scheme will make an important contribution to the ongoing regeneration of the area. As part of our commitment to leaving a life-changing legacy of benefits in the communities where we work, the physical regeneration of the neighbourhood will be accompanied by the creation of significant job and training opportunities for local people.”