Westminster council is looking for a construction partner to help deliver the first phase of the Ebury Bridge scheme.
The initial phase comprises 216 new homes, with 175 of these due to be affordable.
In total there are up to 750 news homes containing at least 342 affordable homes due to be built in total at Ebury.
Cllr Rachael Robathan, Westminster City Council cabinet member for finance, property and regeneration, commented: “At Ebury we are providing brand new affordable homes right in the heart of London.
“We have also committed to keeping the strong Ebury Bridge community together and all secure tenants and resident leaseholders will have the opportunity to move straight in to their new homes”
The construction market will shortly be invited to tender for phase one, with a planning application due to be submitted later this year.