The four-acre site, in the Royal Borough of Greenwich, is close to the Kidbrooke national rail station.
TfL and preferred bidder Triangle London Developments will together develop the vacant site with new homes as well as commercial, retail and office space.
Subject to final approvals, they hope to start on site in 2018, aiming to have the first homes available to buy and rent by 2020.
Triangle London Developments is a limited liability partnership of Notting Hill Home Ownership Ltd and U+I Group plc.
Kidbrooke was the first in a series of TfL sites to be released for development last year. Other TFL sites earmarked for housing development include Landmark Court in Southwark and Fenwick South in Lambeth.
TfL commercial development director Graeme Craig said: “Naming our preferred bidder is an important step forward in transforming this long-vacant site. We were delighted with the quality of design proposed by Triangle London Developments, and are excited about working with them to create a thriving, vibrant place to live and work. This is the first of dozens of sites across London that we expect to bring forward in joint venture using our Property Partnerships Framework, and it is a great place to start.”