The company will deliver 429 new homes along with improved public spaces in the Charlestown Riverside area.
Work is due to begin in June 2016.
The 18-acre development will take place over an eight-year period and includes the creation of new training/employment opportunities for local residents.
Around 8.5 acres will be dedicated to open space and public realm, including a new play area, a football pitch and a waterside cycle and pedestrian route as well as a trim-trail.
Gareth Roberts, operations director for Keepmoat, said: "We are deepening Keepmoat's strong relationship with Salford City Council and are delighted to now be delivering another ground breaking scheme for the region.
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"The new Charlestown Riverside site will serve to tackle both the regional and national housing shortage, as well as the skills crisis in the construction industry. We are supporting Salford's economic ambitions to improve the quality and diversity of housing choices across the City; while creating a step-change in housing options for local people which will attract new families in to the neighbourhood.
"As part of the project, we will also be working with the Council and Great Places Housing Group to offer training and apprenticeship opportunities."
Cllr Gena Merrett added: "It's fantastic news that works are about to start on this exciting new development. It will create new places for people to live and I look forward to seeing families move in and enjoy their new homes."
Keepmoat is already working alongside the city council on a £650m regeneration project in the Pendleton area.
More than 1,600 new homes are under construction, with a further 1,250 houses being refurbished.
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