The scheme — designed by Darling Associates — will comprise 400 new homes for rent and sale, including 105 for affordable and discount market rent, and 65 extra-care beds.
It will also include public gardens, squares, footpaths, a woodland walk and a fitness trail.
The development was designed to be environmentally sustainable, prioritising cycle and pedestrian mobility.
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A new cycle path and over 1,000 bike spaces will be provided on-site, as well as electric car and bike hire schemes.
In total, green spaces make up 65% of the development.
Scott Hammond, founder and CEO at Eutopia Homes, said: “Our plans will see the creation of a new urban village right in the heart of Exeter and will support the city’s long-term growth by providing much needed housing across a range of tenures and price points.”