Housebuilders Taylor Wimpey and L&Q have been selected to develop 870 new homes on the 9.3 hectare Chobham Manor site as part of the first of five Olympic neighbourhoods in east London, which will include close to 300 affordable homes.
The overall scheme for the Olympic site - which will be renamed Queen Elizabeth Olympic Park - is expected to create up to 11,000 new homes over the next two decades, of which more than a third will be affordable housing. The delivery of the new homes will be staged so as not to flood the market with new homes at once.
Additional plans include new schools, nurseries, playgrounds and health centres - as well as world class sports venues.
The athletes' village itself, which was acquired by the Qatari ruling family's property firm, Qatari Diar, and UK developer Delancey, will be converted into 2,818 new homes.
"The development of Chobham Manor is a major milestone and will help ensure a thriving community on the Park becomes a reality sooner rather than later," said the mayor of London, Boris Johnson.