Brent selects Bellway, Taylor Woodrow and Hyde Housing for 3,100-home South Kilburn regeneration scheme.
Under the deal, predicted by Building, the consortium will build a mixed-use scheme including 3,100 new homes on the 48 ha site in north-west London.
The decision was reached at a meeting of South Kilburn residents, council officers and South Kilburn New Deal for Communities on Monday evening.
The Hyde Group was recommended to win the deal two weeks ago, beating competition from a consortium made up of Crest Nicholson and the Genesis Housing Group. Berkeley Homes had also been shortlisted, but pulled out late last year.
The consortium will build 1534 affordable homes and 1566 homes for sale. It will also refurbish 775 existing council properties and build commercial and leisure facilities.
Around 1,400 homes in medium and high-rise blocks will be demolished to make way for the new scheme.
Tanya Samuel, chair of the South Kilburn New Deal for Communities, said: "We were particularly impressed by the way that Hyde interacted with the residents."
Tom Tithering, development director of Hyde, said that the project would "make a real and lasting difference to residents in South Kilburn".