Wates will build264 apartments for University key workers, and local shop units located around a market square designed by landscape architects Townshends.
The site stands in the middle of the future local centre and will be a meeting point for the surrounding community.
Ian Vickers, regional managing director for Wates Construction, Home Counties, said: “Our appointment to the project complements our recent portfolio of high profile developments in the city and reflects a long-standing desire to work with the University of Cambridge.”
This is the final contract of the first phase of the North West Cambridge Development and completes the picture for the new neighbourhood.
Construction is already underway on areas in close proximity to the Wates site, including BAM which has been working on the construction of University homes, the supermarket and energy centre, and Graham Construction working on the post-graduate student accommodation.
Farrans began its community centre project in September, and Willmott Dixon expects to complete a primary school at the end of 2015.
There are phased completions for the North West Cambridge Development with the first phase of completion expected in 2017.