West Ham have confirmed a deal for the sale of their Upton Park ground to London property developer Galliard Group.
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Around 700 homes will be built on the site when the Hammers move into their new home at the Olympic Stadium in 2016.
"We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London," West Ham vice-chairman Karren Brady said.
"We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London's regional economy.
"The deal demonstrates that we have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium in 2016.
"In addition, and most importantly for us, we can see that Galliard are passionate about working with West Ham United to engage their supporters to help deliver a fitting legacy that will honour the tradition of the famous ground.”
The developers propose to incorporate a landscaped garden named after legendary West Ham and England defender Bobby Moore at the centre of the site, featuring a statue of him.
In a statement, Moore's daughter Roberta Moore said: "I have always believed that there should be some form of permanent West Ham United presence at the Boleyn Ground site after the team leave, and I'm really pleased that the centre point of the development is planned to be named in honour of my father."
Stephen Conway, the chairman and chief executive of Galliard Group, said: "Galliard now plan to undertake extensive consultation with local residents and businesses and the West Ham United Supporter Advisory Board in order to create a future for the site which is respectful of the cultural and economic diversity of the local area."
West Ham are hoping to make around 35 million pounds from the sale of the ground.