Up to 950 new homes are to be built as part of an 'extended residential scheme" at Campbell Park.
The development, adjacent to parkland, will be carried out by award-winning regeneration company Urban Splash, which this month exchanged on a land deal with the council's business arm, Milton Keynes Development Partnership (MKDP).
In the deal, Urban Splash has undertaken to develop three phases of work at Campbell Park – described by MKDP as one of the most important sites in the town.
The plans will see the delivery of between 850 and 950 homes in a mix of sizes.
Nathan Cornish director at Urban Splash said: “The site is an amazing opportunity, adjacent to the park, to deliver a scheme that fully reinforces Milton Keyes as a place for innovation and design.
“Our plans take the garden city principles that inspired Milton Keynes to the next level, with a rich mix of modern homes and workspaces in a diverse landscape that prioritises the way people want to live – ideas that we’ll soon be sharing with local people and community groups."
He added: “We have an almost 30-year track record in successfully delivering award-winning regeneration programmes all over the country, experience that we’ll be applying in Milton Keynes as we look to create high quality, architect-designed homes in well-thought out, sustainable new communities fit for 21st century living.”
The Campbell Park site is flanked by the Grand Union Canal and Milton Keynes centre and the listed park itself. The new homes plan includes provision to leave "pockets of green" throughout the neighbourhood to dampen down noise, absorb pollution and give children somewhere to play.
Matthew Green, MKDP’s Property Development Director said: “This is one of the most important sites in Milton Keynes, which will shape the Campbell Park area’s future and we are delighted to have a visionary, forward-thinking partner in place to coordinate the whole project.”