With £800 million in funding secured, as well as planning, 3,000 homes are set to be under construction by the end of 2017.
The development, which will be delivered in phases over the next seven years, will also feature a new seven-acre public park, a landscaped London square, a three-form entry primary school and a wide range of shops, restaurants and workspaces.
The new homes will be managed by Quintain's build to rent business, Tipi.
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On completion, it is expected over 8,500 new jobs will be created across a range of sectors, including jobs generated during the project's construction.
Angus Dodd, Chief Executive of Quintain, said: "Our commitment to build to rent at Wembley Park means we can deliver the homes London needs far faster than if we were selling homes privately and ensures they will be occupied very shortly after they are complete.
"Quintain owns the entire 85 acre site – a huge area in the context of London – allowing us to deliver in a co-ordinated manner the apartments, the parks, the outdoor spaces and the commercial, retail and entertainment uses which are such an integral part of Wembley Park."
London Mayor Sadiq Khan added: "This development will provide 5,000 much-needed private rented homes for Londoners. It will take time to fix the housing crisis, but at City Hall we are committed to help deliver schemes like this that will increase the supply of homes across the capital."
(LM)
