The deal clears the way for one of the city’s biggest estate renewal programmes, with around 3,500 homes planned over the next 20 years.
Just over half of the homes will be affordable, with 1,785 planned in total and 400 built for social rent.
The council said the partnership agreement gives a legal guarantee that 51% of homes on the scheme will be affordable.
Lovell was named preferred development partner in January following a competitive procurement process.
The firm will now work with the council and local residents to shape the next stage of plans before the scheme returns to Birmingham’s planning committee later this year.
The wider regeneration will also include improvements to transport links, community facilities, business space and green areas.
Simon Wingate, project director at Lovell, said: “Our focus is to hit the ground running and deliver early benefits for the community, through local job and training opportunities, improvements to shared spaces and collaborative work with local organisations.”
Paul Langford, executive director for city housing at Birmingham City Council, said: “The partnership agreement provides a legal guarantee that 51% of the homes on the scheme will be affordable. This is something that the council has long maintained a commitment to, and I am pleased we can now provide this reassurance to our residents.
“All of the existing council tenants on the estate will be provided for, and this promise also forms part of our legally binding agreement with the developer.”
