The government's housing agency Homes England and housebuilder Taylor Wimpey are jointly promoting the 100-hectare site to the the south of the town of Penwortham in South Ribble.
Alongside the 2,000 new homes, the proposals include a new primary school, a local centre and extended facilities for Penwortham Community Centre.
South Ribble Borough Council's planning committee endorsed the draft masterplan and the first round of consultation at a meeting last Wednesday.
The development team have now begun a six-week consultation on the proposals, which closes on Friday 21 December.
The promoters said feedback will be considered before an amended masterplan is submitted to South Ribble Council in the new year.
A formal planning application will be submitted in 2019, they added, with the first homes earmarked for building in 2020.
The site is identified as a "major site for development" in South Ribble Council’s Local Plan, the promoters said, and would contribute towards the plan's target of 7,000 new homes up to 2026. The local plan requires that a masterplan is prepared for the allocated site.
According to the committee report, the revised masterplan will be "submitted to South Ribble Borough Council for adoption for development management purposes and will then be used to guide future development within the site".
The proposals also form part of the Central Lancashire City Deal and its 10-year infrastructure delivery programme.
Nicola Elsworth, Homes England's head of public sector land (North West), said: "As a key partner in the Central Lancashire Deal and landowner at Pickerings Farm, we’re enabling the construction of new homes and infrastructure that will help to grow the area’s economy.
"Pickering’s Farm will provide new homes, new jobs and a new neighbourhood in line with South Ribble Council’s local plan."
Consultancy GVA is acting as planning agent for the scheme with 5plus Architects the masterplanners.