English Partnerships, Basildon District Council and Swan Housing Group have agreed a £247m deal to regenerate Basildon’s Craylands and Fryerns estate.
The parties have signed a comprehensive development agreement for the redevelopment scheme, which will take 12 years.
They have been working together on plans for several years, but the agreement formalises the partnership.
The scheme includes building up to 1,310 new homes as well as improved transport, shops, office space and community facilities.
Swan Housing Group deputy chief executive, Mark Thompson, said: ‘This is a significant step forward for the Craylands scheme. It means that we will shortly be able to get on site to commence this long-term project.’
Councillor Tony Ball, Basildon cabinet member for housing, said: ‘I'm sure that Crayland’s residents will be as pleased as I am that we have reached this position and that the uncertainty is over.
‘The partners will now be working closely with the residents to enhance and transform the whole area.’