The Council’s Cabinet has approved the final shortlist of developers, who were whittled down from six possible companies.
The developers left in, Rydon Construction working with A2Dominion Housing and Countryside Properties working with London and Quadrant Housing Trust, will now hold public exhibitions to show residents their ideas for the area.
Last year a survey of people living on the estate revealed dozens of families were living in small one and two bedroom flats. The redevelopment will provide more family homes and include affordable housing for rent, as well as homes for private ownership, while reducing anti-social behaviour by removing dark alleyways and unused paths.
The Council is also in the process of selecting developers for Copley Close and Rectory Park estates. All three areas were prioritised for action after a review of 34 estates in the borough showed they were in desperate need of improvement.
Councillor Will Brooks, Cabinet Member for Housing, said: “This is another important step forward for the regeneration of the Green Man Lane estate. The developers have come up with some really interesting ideas."