The company will build 1,000 new homes on the Alton estate in Roehampton over the next 10 years.
The scheme, which will see post-war council housing replaced in parts of the 17-acre estate, also involves developing a new health centre and children's centre, a new library, a retail area twice the size of existing facilities, new offices, a new park and improved transport connections.
Current council tenants and owner-occupiers are guaranteed a newly-built home on the estate, which features several heritage-listed housing blocks and Victorian manor houses which border Richmond Park.
As part of the proposals, Redrow will aim to provide local residents with jobs, training and apprenticeships as a condition of being appointed.
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Work will now begin on devising a demolition and construction schedule prior to undertaking extensive public consultation on detailed designs for the regeneration project, before applying for planning permission.
To enable residents in later stages to move straight into their newly-built homes, the site of Sherwood Lodge, off Bessborough Road, will be redeveloped to rehouse residents in the regeneration's first phase.
Council Leader Ravi Govindia said: "We had some difficult decisions to make, but we are now off the starting blocks with this exciting redevelopment which has great potential and will deliver the homes that Wandsworth needs.
"With our guarantees of newly-built homes on the estate for council tenants and owner-occupiers, to keep communities together, and opportunities offered by our Aspirations programme, Alton will set a new standard for other regeneration projects in London to follow."
John Tutte, Chief Executive Officer at Redrow, said: "We are very pleased to have been named the preferred bidder for the regeneration of the Alton estate.
"Having worked on a number of regeneration projects of this scale in the past, including with Manchester City Council, Plymouth City Council and the Homes and Communities Agency, we fully understand the importance of placing local people at the heart of the process, which includes providing employment and apprenticeship opportunities to the local area.
"Collectively, we now have an exciting opportunity to create a new, sustainable community in the Alton which will deliver considerable benefits to both existing and future generations."
(LM/JP)
