The project follows Sadiq Khan’s announcement in March that the site was being unlocked for development.
TfL will work with BLLQ LLP to deliver around 350 new homes at Blackhorse Road in 2022, 50% of which will be affordable.
Subject to planning permission, work is set to begin in 2019.
Blackhorse Road is surrounded by a number of mixed-use developments, which are creating a new neighbourhood of around 1,700 homes, alongside retail, commercial and leisure spaces.
Future residents are also set to benefit from the package of measures being delivered in Waltham Forest through its Mini-Holland programme.
Graeme Craig, director of commercial development for TfL, said the site was a key part of bringing an exciting new neighbourhood to life in Waltham Forest.
“We are thrilled to be working with BLLQ LLP to deliver hundreds of homes for Londoners with excellent transport links and just a short journey from central London.
“Half of the homes will be affordable and we'll also be generating much-needed revenue to invest back into the transport network.”
BLLQ LLP is a joint partnership between Barratt London and L&Q and Matt Calladine, regional land and development director at Barratt London, said it was looking forward to working closely with TfL.
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“The TfL car park at Blackhorse Road Station is an important development site in the context of the wider regeneration of this area.”
Andy Rowland, regional managing director – east region at L&Q, added: “We are delighted to be working with TfL to deliver hundreds of new homes on the Blackhorse Road site, with half of the homes being genuinely affordable to Londoners on average and lower incomes.
“The project forms part of an exciting wider redevelopment of the area and will sit proudly in a thriving new neighbourhood a short journey from central London.”
Clare Coghill, leader of Waltham Forest Council, said the announcement moved it a step closer to creating a new vibrant town centre in the Blackhorse Lane area.
“TfL's commitment to ensuring 50% of the new homes are affordable for local residents is a really positive step, building on the commitment made by the GLA in August to deliver 100% affordable homes on its Webbs Industrial Estate site on Blackhorse Lane.
“This is alongside the other work we are doing with TfL in Blackhorse Lane on the delivery of public realm improvements to the Standard Junction and Forest Road, as well as an £800,000 refurbishment of Blackhorse Road station which will be completed next year.”
Last year, TfL brought forward sites which will deliver 1,000 homes and this year it is expected to offer up sites which will deliver 3,000 homes.