Bellway has acquired ten acres from Everton FC at the club's former training ground in Liverpool for a 74-unit housing development.
A planning application for the site off Sandforth Road in West Derby received approval from Liverpool City Council on Tuesday, two years after an initial application was rejected.
Bellway is understood to have paid around £8m for the land.
Robert Elstone, chief executive of Everton FC, said: "It has been a long, arduous and, at times, very difficult process but we are absolutely delighted to have finally won planning approval for the Bellefield site.
"We have always believed that high-quality housing represented the right way forwards for the site.
"Although there was some opposition to the scheme, it is important to remember that many West Derby residents were in favour of our plans."
Bellefield was home to Everton's first team squad from 1946 to 2007 when the club moved to a new base at Finch Farm in Halewood.
A council spokesman said: "Planning permission was granted for this scheme because it will help to address the need for larger, higher value homes in the area and meet the council's overall objective of delivering large, family homes across the city."
Bellway plans to start on site in early 2011.