The developer will create a £40m sports centre, 560 flats, and community facilities/commercial space at the King Alfred site in Hove.
Both the organisations were selected ahead of Bouygues following a year-long competitive dialogue with specialist council officers.
The existing 1930s sports centre will be levelled and replaced with a modern public sports facility designed by LA Architects.
It will include three swimming pools, eight badminton courts, a 120-piece gym, a gymnastics centre, a cafe and crèche as well as a martial arts dojo.
In addition, around 560 flats will be built in four main blocks, the highest of which will be 18-storeys.
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Selling the flats will fund the new leisure centre's development, while around 20% of completed units will be made 'affordable'.
A planning application with architects Haworth Tompkins and LA Architects will be submitted in early 2017 following a planning consultation in the second half of this year.
Duncan Innes, Regional Development Director at Crest Nicholson, said: "We're delighted to have been selected by Brighton & Hove City Council, along with our partners the Starr Trust, to deliver the King Alfred Leisure Centre in Hove.
"Our proposals incorporate world-class leisure and community facilities set to benefit local residents, together with outstanding new mixed tenure residential properties in this enviable location on the Hove seafront.
"We look forward to working closely with the council and the wider local community to bring our proposals to life and deliver new investment and vitality to the local area."
Rob Starr, Chairman & Founder of the Starr Trust, added: "We are looking forward to working with our partners Crest Nicolson to regenerate the seafront to the West of our City and bring about real community engagement, such as family and young people's events, community activity, skills development and training, cultural activities and much more."
Crest Nicholson added the first phase of the development could be open as early as 2020.
(LM/MH)
