The 12-hectare site is earmarked for a residentially led, mixed-use urban scheme comprising around 1,500 homes, a local centre, a hotel and office/employment accommodation.
Detailed proposals will be developed over the next few months ahead of an extensive consultation process before final designs are prepared for submission with planning applications.
MKDP’s chief executive Charles Macdonald said: “This is one of the most important sites in Milton Keynes, which will help to inspire and shape the city’s future.
“It was vital that the selection process to determine appropriate developers was even more stringent and far-reaching than usual and the choice of partners was considered not only by MKDP’s board but also by local councillors.
“Our chosen partners’ expertise includes experience of delivering exciting and award-winning projects, urban design and generation and provision of high quality, affordable housing.”
Crest Nicholson is the developer behind the Oakgrove Village development in Milton Keynes. Places for People built the Wolverton Park development and is working on the Brooklands scheme neat M1 J14.
Crest Nicholson Regeneration’s managing director Scott Black said: “We are delighted to be selected by the Milton Keynes Development Partnership to deliver this exciting, large-scale scheme alongside Urban Splash and Places for People.”
Urban Splash director Nathan Cornish said: “We have been truly captivated by the history of Milton Keynes and the Campbell Park Northside site ever since we became aware that MKDP was looking for a partner.
"We think this site represents one of the most exciting development opportunities in the country so we and Places for People are naturally thrilled to have been selected.”
Places for People group director Mary Parsons added: “Places for People has had a presence in Milton Keynes for many years as a landlord and developer.
"We see Campbell Park as the next exciting chapter in the city’s history and we are all really looking forward to working with MKDP, Crest Nicholson and our partners, Urban Splash, to deliver it.”