The former Ford factory in Dagenham is to be redeveloped with over 3,000 new homes.
Countryside Properties and London & Quadrant Housing Trust have been chosen to develop the site, which is the last piece of surplus land to be released by London mayor Boris Johnson by the deadline of the end of his tenure in May.
Creating hundreds of new jobs, the project will not just involve building homes, but also a new railway station.
Known as Beam Park after the adjacent river of that name, the site lies in the London Riverside Opportunity Area, where over 26,000 homes are due to be built.
Leader of Barking & Dagenham Council Darren Rodwell said that with the expandion of the capital mainly happening in an eastwards direction, the borough “has a crucial role to play in meeting London’s increasing housing and infrastructure needs.”
He added: “Beam Park is one of six growth hubs in our borough which will deliver in total 35,000 homes and 10,000 jobs.”
Mr Johnson and Transport for London recently revealed plans for more river crossings in east London to support its expansion.