The company will redevelop an 18-acre brownfield site in the Waterside area to create a new neighbourhood, shops and workplaces.
The development will include 302 new city centre homes, 67,500 sq ft of grade-A office space, a 5,000 sq ft retail unit, a neighbourhood park and more.
Initial plans include around 60 phases of refurbishments, with recent completion estimates ranging from nine to 10 years.
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The city council has so far allocated £15m worth of capital funding for the scheme, with another £45m expected to be invested.
Keepmoat has pledged to focus on upskilling the supply chain in Leicestershire as well as using local subcontractors throughout the development.
Regional Director for Keepmoat Homes, Andrew Homes, said: "We are delighted to be selected as preferred developer to deliver Phase One of the Waterside development.
"Keepmoat has an exemplary track record in working with public sector organisations to deliver their regeneration aspirations and we look forward to working in partnership with Leicester City Council to deliver our joint vision for Waterside.
"We believe this scheme offers a unique opportunity to maximise the full potential of the waterside setting and transform the area, creating an exciting housing offer and providing a new high-quality office location in the city centre."
(LM/JP)
