Barratt have been chosen to develop the £30 million North Prospect regeneration site on behalf of Plymouth Community Homes.
The scheme will generate up to 250 new homes and refurbish up to 60 existing houses in North Prospect within the next three years.
The full planning application for the work will be received in October and work should begin in February and March 2011, with the first houses appearing in the summer.
The development is one of the first sites in the UK to be awarded as part of the Homes and Communities Agency delivery Framework Panel, which aims to bring publicly owned-land forward for residential development.
Managing director of Barratt Exeter, Tim Larner, said: “We are very pleased to have this exciting opportunity to redevelop this established area of Plymouth to create 250 modern homes in partnership with the local residents and Plymouth Community Homes. This is the first site for which Barratt has been selected through the HCA’s Delivery Partner Panel and we look forward to many similar successes across the country in the coming months.”