Around 3,000 new homes will be built in Havering over the next 12 years, including a major overhaul of the council's existing accommodation.
Work on the first phase, designed by Conran and Partners, is expected to begin in late 2019.
Overall, the local authority's current 856 homes will be replaced to create 3,112 homes of mixed tenure, while the regeneration will also see 400 'affordable' properties built. A £33 million grant has been awarded from the GLA to deliver new estates where 40% of the homes will be 'affordable'.
In addition, the project will have social value benefits with the creation of a Construction Academy through a partnership with Havering College and the Construction Industry Training Board. In addition, around 165 apprenticeships will be generated over the development's lifetime.
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Council Leader Roger Ramsey said: "This is the most exciting and ambitious Council home building programme in London, and I'm confident our new partner will be able to help us deliver our future vision for the borough.
"Forming this joint venture will allow us to provide high-quality new homes for existing residents and young people who want to stay in the Borough.
"This, together with the arrival of Crossrail, and plans for two dedicated housing zones, means developers, businesses and residents will all want to be a part of a future Havering."
Paul Zara, Director, Conran and Partners, said: "As architects for the Waterloo Estate regeneration project, we are delighted to be part of the successful team chosen to work with the London Borough of Havering and Wates to deliver much-needed new housing for the borough. We look forward to collaborating with both Wates and Havering through this JV, in which we are both committed to progressing this exciting venture as quickly as possible."
Tim Wates, Director of Wates, said: "Wates Residential is delighted to have been chosen as the London Borough of Havering's partner on this extremely exciting project, and we look forward to working with the Council as we build more than 3,000 high-quality homes over the next 12 years.
"As a family-owned business, we have always been committed to giving something back to the places that we build in. I am proud that we will not only provide crucial additional housing, but also significant benefits to the community through our investment in skills, training, education and jobs for local people.
"The ability to deliver wider community benefits through our long-term partnership is what will set this project apart."
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