Over the next 20 years, the consortium will be working for Sunderland council to deliver the £800m regeneration programme.
The deal will be worth £100m to Carillion in the first eight years, amounting up to £800m over the first 20 years, and cover the redevelopment works on a number of key sites across the city.
The deal signifies that the Vaux site’s stagnation period of 14 years since the closure of the brewery in 1999 is over.
The other key redevelopment sites entrusted to the partnership include Seaburn, Chapelgarth, Farringdon Row, Holmeside and parts of the East End.
Leader of Sunderland City Council, Councillor Paul Watson, remarked: “The chance to take part in an ambitious, long-term initiative attracted bids from a number of leading UK companies.
“We were delighted at the high standard of the shortlisted bids and it was a difficult task to choose the preferred bidder, but the commitment, track record and approach of our chosen partner gave it the winning edge.
“This decision marks an important milestone in the joint venture agreement, which will breathe new life into under-used publicly owned land in prime sites for development.
“The programme will invigorate key areas of the City and offer new opportunities for employment, housing, shopping and leisure.”
Carillion Chief Executive, Richard Howson, said: “We are delighted to have been selected by Sunderland City Council as its strategic partner for this innovative contract.”