Manchester City Council and Abu Dhabi United Group have confirmed they are to deliver 830 new homes in East Manchester's Ancoats and New Islington.
The agreement forms the first phase and foundation of the 'Manchester Life' initiative and builds on the regeneration activity in the city.
Sir Richard Leese, leader of Manchester City Council, said: "Today’s announcement adds another commercial dimension to the already significant investment made by Manchester City Council and ADUG in East Manchester, and in doing so progresses the regeneration story which began in the 1990's and was accelerated by the 2002 Commonwealth Games and ADUG’s recent development of the Etihad Campus.
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"The planned transformation of the eastern edge of the City Centre is the single biggest residential investment Manchester has seen for a generation. Building thousands of quality new homes will be a fundamental part of our growth story and will deliver significant socioeconomic impact. We look forward to working with Abu Dhabi United Group to create a world class exemplar of regeneration."
Construction work is expected to begin in 2015.
(CD/MH)
