British Land, Grosvenor, St Modwen and Morgan Sindall have been shortlisted to help Oxford city council build up to 1,000 homes in Barton.
The council wants to establish a long-term partnership with a private sector funding partner to deliver a 90-acre, residential-led scheme in the area.
The site, which lies to the north-east of the city and fronts the A40, is the single largest opportunity for housing development in Oxford.
It is owned mostly by the local authority and has capacity for as many as 1,000 homes, with additional ancillary commercial, social and community benefits.
More than 20 bids from investors and developers were received for the initiative. Final bids from the four shortlisted investors are due by Easter.
Oxford council said it was keen to start work on site no later than December 2013.
The council went out to tender to find a partner for the project in November in a pledge to deliver much-needed housing in the area.
It said the site at Barton requires significant upfront funding before returns can be achieved through the sale of serviced land to deliver housing.
King Sturge and Eversheds are advising the council.
