VINCI St Modwen (VSM) and its partner the Covent Garden Market Authority (CGMA) have announced they will proceed with the £2bn regeneration of the 57-acre New Covent Garden Market in Nine Elms, London.
The companies said that commercial contracts and planning agreements for the project have gone unconditional.
Development work is expected to begin this year and on the first phase of the surplus land in 2017.
The ten-year project will deliver more than 500,000ft² of new market facilities across a 37-acre site, which will house the 200 market businesses that currently employ around 2,500 people.
VSM will transform the remaining 20 acres of land into three residential neighbourhoods to establish 3,000 new homes, 135,000ft² of office space and 100,000ft² of retail, leisure and community facilities.
Situated in zone one, the entire scheme would be located adjacent to a new linear park for the area.
The new project will also benefit from the extension of the Northern Line and the opening of two new tube stations.
According to St Modwen, the main construction enabling works for the market are slated to start mid-year.
St Modwen chief executive and VSM director Bill Oliver said: "This latest milestone enables the start on site of this major transformational project, which is central to the Nine Elms Regeneration area.
"It will deliver a substantial positive economic impact in terms of employment, housing and investment for London."
In March 2012, the Covent Garden Market Authority selected VSM to deliver the regeneration of New Covent Garden Market site (NCGM) in Nine Elms, London.
St Modwen is the 50:50 joint venture between St Modwen Properties and VINCI.
Image: The 57-acre New Covent Garden Market in Nine Elms, London. Photo: courtesy of Covent Garden Market Authority.