The two-phase £100 million development will see the existing building on the site be demolished and up to 622 new residential units being constructed over a period of five years.
The project is part funded by a £15m grant from the Homes and Communities Agency. It will consist of a mixture of houses and low rise apartments for rent, sale and low cost ownership.
The first phase of the scheme proposes building 66 homes for sale, 82 for shared ownership and 195 for rent to create a mixed community. Open space will also be improved.
The plans have been developed using input from local residents.
"We are committed to work with local people to create a community where they want to live and feel real pride," said OSHA managing director Vivien Knibbs. "Our plans have been shaped with local people and partners and we will transform high-rise blocks into a neighbourhood of streets, gardens and public space."
OSHA will manage the area and the project will be coordinated by Orbit Homes, the development arm of the Orbit Group. Affordable housing contractors Wates Living Space and architects Broadway Malyan have also been appointed to work on the development.
Work on the site is expected to start in March 2013, subject to planning approval.
