The 1.8-acre TfL owned site opposite Blackhorse Road station (pictured above) is the fourth site in the capital which the authority is bringing forward for development.
The site is currently surrounded by a former industrial space which is being redeveloped for residential and retail use with 1,700 homes planned.
TfL aims to make half of the 350 homes affordable and is now on the lookout for a partner for the project.
The authority is seeking bids and is expected to announce the results later this year.
Work is set to begin in 2019 – subject to permissions – with a completion date of 2022.
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“We are delighted to have the opportunity to transform this site with a joint venture partner into hundreds of new homes for Londoners and vital revenues to reinvest in transport,” said Graeme Craig, commercial development director at TfL.
“This site is uniquely located at the centre of what is quickly becoming a hub of new residential, leisure, retail and work spaces, expanding pedestrian connectivity and vibrant community activity in the area.”
James Murray, deputy mayor for housing and residential development, added: “The mayor is committed to making sure TfL land is fast-tracked for development, helping to raise revenue and build new homes.”