A 36-storey co-living tower block is set to be constructed on the bank of the River Irwell on the site of a car park.
Progressive Living aims to submit an application for the 225,000 sq ft plot on Gorton Street, currently owned by Network Rail, by the end of May.
The 0.42-acre site will have clusters of shared housing with communal space and amenities and will be pitched towards millennials to help resolve the housing crisis.
Eight railway arches will also be redeveloped as part of the scheme to provide leisure, retail and hospitality facilities, with a “compact city centre lifestyle hotel”.
Progressive Living and Network Rail agreed on terms last September for the use property development company to acquire the site, but it has taken longer than they thought to finalise the deal.
Director, David Fairclough, said that once the sale is complete, they will look to “refresh” certain out of date planning documents before they submit their application to Salford City Council.
The Manchester-based company has been chosen as the main contractor on the deal, with architecture firm BDP, civil engineers Renaissance, and planners Artal on the design team.
Progressive Living recently invested £15m for the development of North Central, an eight-storey mix-use building comprised of apartments and a retail unit let to Co-op.
Development company, Domis, is also part of the design team for the project and is also building Salboy’s 18-storey apartment block diagonally opposite the Gorton Street site.