West Ham United has reached an agreement with London developer Galliard Group to purchase the Boleyn Ground Football Stadium once the club completes its move to the Olympic Stadium in 2016.

Following a competitive bidding process, the Premiership side selected the developer ahead of a number of other national and international companies. The club has said it was impressed with Galliard's links to the local community and "their commitment to honouring the history of the Hammers at the Boleyn Ground as part of their proposed development".

West Ham vice-chairman Karren Brady said: "We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London. 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. We are confident that West Ham United fans will be excited about their vision and the way they plan to respect more than 100 years of West Ham history at Upton Park."

Stephen Conway, chairman and chief executive of Galliard Group, said: "Galliard is one of London's most successful regeneration specialists and has a proven track record in stadium land regeneration. Working closely with West Ham and Newham Council, 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."

Galliard says it is committed to an open and wide ranging consultation on its plans for the iconic site, including full engagement with Newham Council, as the relevant planning authority, as well as with local residents and businesses.

Sir Robin Wales, Mayor of Newham, said: "We have always maintained that West Ham United's relocation to Stratford had the potential to deliver an Olympic Legacy beyond Queen Elizabeth Olympic Park as a key part of the comprehensive regeneration of Green Street and Upton Park. The prospect of much needed homes, jobs and community spaces for this area is an exciting one."

Galliard's proposals include new homes and ground floor retail and leisure facilities, complete with underground parking. It also plans to undertake discussions with the family of Bobby Moore regarding the proposed development of a central landscaped garden, which would be named the 'Bobby Moore Memorial Garden'.

Under proposals also being considered, fans and local residents would be invited to enter a poll to name each building after a legendary player or an historic event at the club.

Bobby Moore's daughter, Roberta Moore, is pleased that there will be a lasting tribute to West Ham on Green Street. She 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. Hopefully the new sculptures and buildings being proposed will also help ensure that a lasting legacy to the club, my father and his team-mates is left at Upton Park."

The new village, which will have a construction programme of some 30 months, has an anticipated completion date of late 2018.