The deal makes way for a phased regeneration plan beginning in May 2015.
Plans include to build 3,500 sq ft of employment land, along with a £700,000 investment in education facilities for the area. A playing field will also be created for Broad Heath Primary School.
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It is expected work will last eight years, with the final phase being completed in 2023.
Managing Director of Persimmon Homes South Midlands, Andy Peters, said: "This is a landmark deal for us and Coventry that reinforces our commitment to create new homes and jobs for the city."
(LM/CD)
