Building will start this summer and is estimated to take five years to complete.
Phase one will build 51 maisonettes and flats for affordable rent, 31 flats for shared ownership and 37 homes for private sale.
Barham Park Estate will be redeveloped by Notting Hill Housing and Countryside Properties .
The developers will demolish 214 existing properties to make way for 335 new homes - 267 on the estate and 68 just outside, on the Harrow Road.
Homes will range from one bedroom flats to large family houses with gardens. The scheme will include retail space and a community centre.
Councillor Paul Lorber, leader of Brent Council, said: "I am excited we are now one step closer to the regeneration of Barham Park Estate.
"These new homes will not just improve residents' quality of lives and the look of the area, it will also benefit the environment by providing sustainable solutions."
Flats for affordable rent in phase one are due to be completed by the end of 2012.