The land, which was previously used for the Strawberry Fields garage sale, has been purchased from private owners for an undisclosed sum and is expected to be turned into a new subdivision.
Work on the Kingsgate development is scheduled to begin in January next year and will last for 10 years.
The 470 house program will include a mix of one, two, three and four bedroom single and semi-detached houses, as well as two-bedroom bungalows.
In addition to housing, the site will also include large attractive green spaces for recreational use, as well as a fully equipped playground and two new sports fields.
The site, named Salkeld Meadows, will generate training and employment opportunities through the use of contractors, internships and educational visits to the site.
Daniel Crew, Regional Managing Director of Keepmoat Homes, said: “We are really excited to transform the site, which is in a prime location by the sea, into a new neighborhood.
“I know the area very well because I spent many childhood summers with my grandparents right in front of the site, and I know it will be a great place to live.
“Our vision is to create a place where people want to live and enjoy, and we are committed to making development a major benefit to the local community.”