Financial giant Legal & General is to build 3,000 homes for students and staff in a £4 billion partnership with Oxford University.
L&G, which specialises in insurance and pensions, will also build science parks for the top university.
The main part of the project will be the creation of 1,000 subsidised homes for students and staff at the colleges that make up Oxford University, another 1,000 for research graduates and a further 1,000 for sale or rent.
The land for all of this development is already owned by the university with some of the homes being built on an expanded science park at Begbroke in the north of the city.
More homes and a new science park are to be created on the Osney Mead industrial estate.
The development will take place over the next 10 years.
Accommodation for graduates and staff
David Prout, Oxford University's vice-chancellor for planning and resources, said: "Our priority is to provide good-quality, affordable accommodation for graduates and staff. If all goes well, we would hope to do more in future."
L&G's investment in the project will come from its Future Cities project, which has already been used to provide more than 1,000 new homes across the north of England and Cardiff.