The two companies will redevelop the seven-acre Aberfeldy estate in Poplar to provide 1,176 homes, shops, healthcare and community facilities.
Work to replace the dilapidated 1950s-era housing will be divided into six phases and will take 12 years to complete.
Outline planning consent has now been granted for the mixed-use scheme, with detailed planning approval also given to start the £40m first phase to build 342 new homes, together with retail space, at the eastern end of Aberfeldy.
The homes, close to East India Road Docklands Light Railway station, comprise a mix of private sale, shared ownership and affordable rent.
Construction work will be carried out by Willmott Dixon’s capital works division and will meet Level 4 of the Code for Sustainable Homes. Levitt Bernstein is the architect for phase one.
Willmott Dixon said that some 1,000 construction jobs would be needed for the project between now and 2024.
The regeneration is the largest development project undertaken by Regen and follows another large mixed-use project it invested in recently in Greenwich known as Prime Place. Regen CEO Andrew Telfer said: “This is a mammoth undertaking that will provide an exciting future for Aberfeldy estate’s residents as well as enticing a new generation of people looking to benefit from the region’s Olympic legacy and its quick links into Docklands and the City. Taking our regeneration experience of similar estates in other parts of London, we are pleased to be working with Poplar HARCA which has a strong and well established presence in this part of east London.”