Barratt Developments has announced a joint venture with Swindon Borough Council for a 2,670-home development south of the town.
The scheme will stretch over 250 ha and will include two primary schools and a secondary school.
The housebuilder said it would deliver serviced parcels for development in five phases over the next 20 years.
Barratt, which will act as the sole provider of the site’s development and management services, added that it will fund the development’s primary infrastructure.
Swindon council will contribute the land and infrastructure already in place.
The agreement will see Barratt invest £15.7m in the project during 2018.
Barratt said its investment will total £183m over the course of the project, comprising 50 per cent of the value of the build, the cost of the remaining primary infrastructure, initial capital contribution, and its guarantee.
In November, Barratt chief executive David Thomas (pictured) urged the government to treat housing in the same way as it did infrastructure with a more long-term approach.