Vistry, which includes Bovis Homes and Linden Homes, has agreed terms with Salter Property on the Hill Barton deal.
The 11.2-acre location will include 170 houses and 30 flats, including affordable housing, subject to outline planning consent. The hope is to start construction in 2021. It would be Vistry’s fourth building site in Exeter.
John Parry, land director at Vistry South West, said: “This site will complement three other existing Vistry locations, which illustrates our continued investment in the city. We're also delighted to be in partnership with Salter Property and believe these homes would be a brilliant addition to this great location.
"We aim to build a high-quality sustainable community, with its own character, and public spaces as well as a road network that prioritises pedestrians and cyclists.”