The news comes less than two months after the Exeter-based practice saw off a host of big-name practices, including EDAW and FAT, to land the People's Playground scheme along Blackpool's Central Promenade.
The long-abandoned site on the River Medina is surrounded by a 'landscape of considerable ecological sensitivity' and is among only a handful of brownfield sites with river frontage on the Isle of Wight.
Development projects director at SEEDA, Peter Cusdin, said: 'The lack of employment sites with waterfront access on the Isle of Wight has been a major barrier to investment and economic regeneration.
'The development of this prime brownfield site will aid the growth of local businesses, secure future employment and help support the development of the island. We are pleased to be working with LDA Design and look forward to developing a masterplan which promotes and delivers excellent sustainable design.'