The deal will see the regeneration quango accept a lower price for the land if the development is of a suitably high quality. It marks the first phase of a 2400-home project.
Denis Hone, EP's regional director for eastern England and Milton Keynes, said: "We will judge submissions on a 40% price, 60% quality basis.
"We want to send out the message that this is about creating a landmark development on a premium site to the highest standards."
The scheme, to be called West End CMK, will include 200 affordable homes and a new primary school.
It will be built to the west of the city centre, and to a high density – at least 100 homes per hectare. Government guidance calls for 30 homes per hectare.
It is the latest move in the government's plan for the South Midlands growth area, which could see 370,000 new homes in the region.
EP is asking for private developers to submit expressions of interest now. A shortlist of six will be chosen by June.
It will also run a competition for architects to design a six- to 10-storey residential block at the front of the site.
Prescott was to announce the development at the annual international property market conference, MIPIM, in Cannes, France.
n Meanwhile on Tuesday EP signed up registered social landlord Places for People to its £18.5m scheme to develop 200 new homes in Broughton, Milton Keynes.
The scheme uses £3m from the ODPM's Challenge Fund, which is reserved for developments that use modern methods of construction.
On the same day, the ODPM agreed £22m funding for the expansion of the London-Stansted-Cambridge growth area (HT 30 January, page 8).
The funding announcement was made at the launch of the Housing Quality Forum, which will bring development agencies, housebuilders, housing associations and mortgage lenders together to discuss design and affordability in the four growth areas.
Source
Housing Today
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