Helical Bar and Grainger have exchanged contracts with Hammersmith & Fulham council to develop a £180m mixed use scheme.
Grainger and Helical Bar beat rival developers St James Investments and Galliford Try to be picked by the council.
The pair, with supermarket Waitrose, plan to redevelop Hammersmith Town Hall area at the western end of King Street.
The development includes 290 homes, 118,400 sq ft civic office building and 55,900 sq ft of retail, cafes and restaurants.
The planning application is expected to be submitted in late 2008.
The scheme also includes new ‘urban spaces’ that link together and provide a pedestrian connection to the river – including a public square, a pedestrian street, a footbridge and a redesigned park.
Mike Slade, chief executive of Helical, said: ‘Despite the current market difficulties, this is an outstanding opportunity for a mixed use regeneration scheme in a borough close to home, where we enjoy other substantial interests.’