The site, between the Athletes Village and the VeloPark, will include 800 homes. Two fifths of these will have gardens – almost a quarter of the total number of new houses registered in London last year.
Andrew Altman, chief executive of the Olympic Park Legacy Company, said: "Local people have put the need for good-quality open spaces, family housing and supporting amenities among their top priorities."
Olympic Park Legacy Company shortlisted six bidders just before Christmas. They include East Thames and Countryside Properties; and Barratt Homes and Le Frak Organisation.
They are up against St James Group Limited (Berkeley); Swan Housing Association, Urban Splash, Yoo and Mace; Notting Hill Housing, United House and HTA; and Taylor Wimpey and London & Quadrant.
Bidders will submit outline proposals by the end of February and the legacy company aims to appoint a winner by summer 2012. The first homes should be ready in 2014 and the project completed in five years.
It is one of five neighbourhoods to be developed on the Queen Elizabeth Olympic Park, with up to 8,000 new homes being built over the next 20 years.