Tirion Group, created through a partnership between the Welsh Government and Principality Building Society, has chosen the regeneration specialist to build the village at the former Arjo Wiggins Paper Mill site in Canton.
A total of 800 new homes will be created on the 53-acre site to be called The Mill.
The first phase of the project involves building 358 homes by Lovell and 102 homes for Tirion.
An additional 340 homes for Tirion will be developed in further phases of the scheme, along with a neighbourhood centre with shopping and community facilities.
Work began in December to develop the infrastructure of the project, which will feature a tree-lined main boulevard with leafy 'green streets'.
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Further features include new business, commercial and recreational space.
Construction is to begin in Autumn 2016 with the first 102 homes set to be completed by the end of 2017, while the other 358 homes will be finished in 2022.
David Ward, chief executive of the Tirion Group, said: "This is a ground-breaking project which promises to be a blueprint for similar high-quality communities across the country. We're pleased to have secured a partner of the calibre of Lovell to deliver this scheme. The fact that both open market and affordable homes are all being built by the same partner means we will achieve a consistent high quality across the whole development with no distinction between the different parts."
Lovell MD Stewart Davenport added: "This major regeneration programme will bring new life to one of Cardiff's biggest brownfield sites creating urgently-needed quality homes in a sought-after location close to the city centre."
As part of the project, Lovell plans to work with the Construction Industry Training Board to establish a Cardiff-based National Skills Academy programme which will deliver apprenticeships and training placements for local people through The Mill scheme.
(LM/MH)
