The project will cover construction of 108 flats for hospital staff to rent with 20 houses and 18 flats being built for open market sale.
Refurbishing the existing Tamarisk building into 15 flats will also come under the deal.
Client for the scheme is a partnership between Heatherwood and Wexham Park Hospitals NHS Trust and Thames Valley Housing.
Work is set to start at the end of this month. Construction is set to last 27 months.