Factory Estates Limited is the developer behind the M-One Central scheme which will comprise 119 one and two-bedroom apartments over 12 storeys.
Designed by architects IDP Group, the building will be clad in oxidised metal panels to complement neighbouring structures.
Construction is set to start this month with completion expected in summer 2017.
Ted Macdougal, development director at Forrest, said: “As more people embrace city centre living in key locations such as Manchester and London, the demand for new residential developments is rising.
“We have a proven track record in delivering these kinds of high-rise schemes, which puts us in the perfect position to capitalise on this wave of opportunity.”
Chris Bowman, director at Factory Estates Ltd, said: “We’re looking forward to working with Forrest on this exciting project, which is set to be a striking addition to a new movement of residential schemes in Manchester.”