Manchester council today said it had signed a 10-year agreement with the Abu Dhabi United Group to breathe new life into the Ancoats and New Islington areas, near to City’s Etihad Stadium.
The partnership called ‘Manchester Life’ will deliver 830 privately rented homes in the first phase of the £1bn development masterplan.
Ultimately 6,0000 homes will be set out in a masterplan that will now be drawn up.
Manchester Life Development Company, a joint venture between the two partners will be established to oversee the development with construction expected to begin next year.
Manchester Life builds on the regeneration activity in East Manchester that has been led by Manchester City Council in collaboration with a range of partners over the last 15 years.
Sir Richard Leese, leader of Manchester Council, said: “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.”
Abu Dhabi United Group, Board Director, Marty Edelman said: “It was a logical decision to look at ways to create a commercial partnership with the city to deliver its wider residential strategy. We are effectively investing in the opportunities and positive circumstances created by our joint investments to date.