A master plan has been unveiled for the 2.5-acre site on Corporation Street which is currently a car park.
The proposed development will feature three new buildings – a 150,000 sq ft, Grade A, eight-storey office block and two 20 and 25 storey residential buildings.
David Burkinshaw, development director at Muse, said: “This is an exciting time for this area of Manchester as a number of key developments are now coming to fruition.
“New Victoria presents a unique opportunity to deliver a landmark development next to the city centre’s prime leisure and retail attractions and one of the North West’s main transport hubs.
“New Victoria offers an unparalleled location and an outstanding development opportunity.”
Tim Dickinson, Head of Residential at Network Rail, said: “Network Rail’s £44 million investment at Manchester Victoria station has clearly provided a major catalyst for wider regeneration in the city, delivering much-needed jobs, homes and development opportunities.
“This deal with Muse will support Network Rail’s commitment to unlock land for housing while generating income to be reinvested back into the railway.”
Muse is working with architect Sheppard Robson and Arup on detailed design proposals for the scheme.