Hadley Property Group and Pollard Thomas Edwards architects, in partnership with L&Q, have received consent for new homes, a park and retail space at South Grove in Walthamstow town centre.
Plans have been approved for 473 homes including 97 affordable properties.
Construction is set to begin in early 2017 and the development is expected to be complete by 2019.
A planning application was submitted in February 2016, with permission granted in May 2016. The scheme will include 2,786sq m of public realm, including a park that will run east to west through the site, and some retail space.
Mark Lebihan, chief operating officer at Hadley Property Group, said: “We are delighted that the London Borough of Waltham Forest has decided to share our ambition to revitalise this part of Walthamstow town centre. These homes will be an attractive addition to the St James Street area and will be complemented by new public spaces for everyone to enjoy.”
While the scheme will be car-free, parking for two car club vehicles will be provided, alongside 788 secure cycle spaces.
The developer will also contribute £2.6 million to support improvements to community infrastructure, such as healthcare and education.
It is expected that 55 jobs will be created during construction, as well as seven permanent jobs when the project completes.
The site is currently a council-run car park and also includes a number of offices and light industrial units.
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