The initiative includes 500 new homes, a larger foodstore along with an improved shopping environment and new public spaces including a market square with better links to Carpenders Park station.
Council Leader Ann Shaw said: "This is good news, bringing the provision of new, high quality, homes and shops closer.
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Richard Cherry, Chief Executive of Countryside’s Partnerships division said: "We are delighted to have been selected by Three Rivers District Council to regenerate central South Oxhey."
A formal contract with the developer will be signed in September.
Countryside and Home Group will aim to submit planning application in December.
Mark Henderson, Home Group Chief Executive, said: "This announcement is the first stage of an exciting project for the people of South Oxhey.
"As one of the largest housing providers in the UK, Home Group is very experienced in regenerating communities.
"The work we will do with Countryside and the Council will not only benefit hundreds of families with modern, energy efficient homes but also benefit the wider community."
(LM)
