Persimmon has acquired a 19.6 ha site in Coventry to pave the way for a £70m regeneration scheme.
The scheme, which will provide up to 700 homes, is based at the former Courtaulds factory site in Coventry, which has been vacant since 2007.
Most of the buildings have already been demolished, but the factory’s façade will be retained as part of the development.
The land acquisition, which was finalised this week, is the first stage of a phased regeneration of the area that will start in May 2015, initially offering 113 new properties in the first phase.
Persimmon is aiming to create 1,600 jobs during the lifetime of the scheme.
As part of the regeneration, the housebuilder has also committed to investing £700,000 in education facilities in the area, including the creation of a playing field.
Delivery of the full regeneration project is expected to take eight years with completion of the final phase set for 2023.
Commenting, Andy Peters, managing director at Persimmon South Midlands, said: “This is a landmark deal for us and Coventry that reinforces our commitment to create new homes and jobs for the city.
“We are aware of the need for new homes in the area with our new developments, The Brooks, Weavers Gate and Bannerbrook Park already proving extremely popular amongst Coventry househunters.”
Earlier this year, Persimmon agreed a £100m deal with University Hospitals Birmingham NHS Foundation Trust that will see it build 650 new homes in Selly Oak, Birmingham.