Deeley Construction is building 80 apartments at Silver Hill in Hampton for later living specialist housing provider Anchor.
The four-storey scheme, comprising a mix of 32 one-bed and 48 two-bed apartments, is being delivered via the Homes England framework.
The development will also have communal spaces and a lounge for residents, along with health and wellness suites, guest accommodation and 45 car park spaces.
Energy-saving measures include an air source heat pump, underfloor heating and hot water cylinder.
The first residents are expected to move in by December 2025.
This is the first scheme that Coventry-based Deeley has built in Peterborough and signals its expansion into the healthcare and housing sector.
It is the first of two schemes that Deeley is building for Anchor – the second being 137 independent living apartments in Sutton Coldfield.
Managing director Martin Gallagher said: “The start of work at the scheme in Peterborough is a major milestone for our partnership with Anchor. The development is set to create vital new affordable homes for hundreds of older people in Hampton and bring significant positive benefits to the local community.
“We have great experience in delivering developments of this type which create lasting value for communities and it’s fantastic to see our team now on site and work underway.”
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