The south west’s largest housing provider, LiveWest and leading regeneration specialist, Galliford Try Partnerships have joined forces to draw up plans for the 32-acre site.
The partnership plans to have a reserved matters planning permission approved by Exeter City Council in the autumn, with work scheduled to begin in around 12 months’ time.
It is hoped the first homes will be ready to move into during December 2020 with the whole development expected to take around eight years to complete.
At least 17 per cent of the development has been earmarked for affordable housing but that figure is expected to rise with the assistance of Homes England funding.
The proposed scheme will include a range of homes, from one bedroom flats to four bedroom family houses, with the open market homes being sold under the Linden Homes brand.
Russell Baldwinson, Executive Director of Development at LiveWest, said: “Together with our partners, Galliford Try, we are delighted to be working on our transformational plans for Pinhoe Quarry.
“Our vision is to create homes that people love to live in and this is a location which definitely supports this.
“Alongside this, our firm commitment to delivering affordable housing in Exeter will make a huge contribution to meeting local housing needs.”
LiveWest agreed to purchase the land two years ago from Pinhoe Quarry Limited - a subsidiary of Waddeton Park Limited.
The social housing provider then teamed up with Galliford Try Partnerships to turn the proposed development into a joint venture project.
Stephen Teagle, Chief Executive of Galliford Try Partnerships, said: "As a partnership-focused business we look to build and establish long-term relationships that deliver true value for our clients.
“We are delighted to have joined forces with our partners, LiveWest once again to purchase this fantastic new site and deliver much-needed homes for local people.”
Money will be set aside to invest in transport, education and community facilities
A figure of around £800,000 will be spent on road improvements, while £200,000 is being invested in improving sustainable travel, including four new bus shelters on and around the site.
More than £60,000 is also being invested in multi-use game areas within the city.
Preparatory works on the site have been ongoing for the past five years to help transform what was a derelict site into what will be a new and vibrant community hub for Exeter.