West Ham haveagreed a deal with the Galliard Group, to purchase Upton Park once the club moves to the Olympic Park.
Hammers vice-chairman Karren Brady said: "We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London."
The Galliard Group plans to build new homes on the site as well as retail and leisure facilities with underground parking which would be completed by 2018. The group has also been in talks with the family of former West Ham and England captain Bobby Moore about the possibility of placing a landscaped garden named in his honour at the centre of the site.
There are also plans for a statue of Moore and further artwork to commemorate the history of West Ham.
Moore's daughter Roberta Moore said: "I have always believed that there should be some form of permanent West Ham United presence at the Boleyn Ground site after the team leave and I'm really pleased that the centre point of the development is planned to be named in honour of my father.
"Hopefully the new sculptures and buildings being proposed will also help ensure that a lasting legacy to the Club, my father and his team-mates is left at Upton Park."
– Sir Robin Wales, Mayor of Newham
"We have always maintained that West Ham United's relocation to Stratford had the potential to deliver an Olympic Legacy beyond Queen Elizabeth Olympic Park as a key part of the comprehensive regeneration of Green Street and Upton Park. The prospect of much needed homes, jobs and community spaces for this area is an exciting one."
– Stephen Conway, Chairman and CEO of Galliard Group
"Galliard now plan to undertake extensive consultation with local residents and businesses and the West Ham United Supporter Advisory Board in order to create a future for the site, which is respectful of the cultural and economic diversity of the local area."
Galliard has previously created flats at Arsenal's old Highbury stadium, next to the new Emirates Ground.