The new development will be the first building to be constructed since Peel unveiled its vision for the 60-hectare Liverpool Waters site just over a decade ago.

Plaza 1821 is named after the year Princes Dock opened. It will be managed by Redwing Living, a Liverpool-based property company which is a subsidiary of the Regenda Group.

Two other buildings, Your Housing Group’s Hive City Docks and Moda Living’s The Lexington, are also due to begin construction at Princes Dock shortly.

Hive City Docks will rise to 31-storeys, which will house 278 apartments with a restaurant on the top floor. The landmark waterfront tower represents a £55m investment and is expected to take two years to construct.

Carillion is expected to start work on the Lexington next month. At 34-storeys, the residential tower designed by Falconer Chester Hall architects will be the tallest development in the Liverpool Waters neighbourhood.

Last year saw the revised masterplan for Central Dock unveiled, significant progress on plans for the new Liverpool Cruise ferry terminals and Everton Football Club exchanging contracts  to make Bramley-Moore Dock the club’s new home as they finalise plans to leave Goodison Park.

Lindsey Ashworth, development director at Liverpool Waters said: “2017 was a breakthrough year for Liverpool Waters so it is fitting that the first building work now starts this new year. 2018 will be a significant year for the project and Plaza 1821 marks the beginning of an exciting new chapter here and we are looking forward to seeing our vision for Liverpool Waters becoming a reality.”

Mark Nicholson, CEO at Forrest said: “Commencing work on creating this high quality residential development on such a prestigious site as Liverpool Waters is a truly exciting opportunity for us. The culmination of six months working collaboratively with Peel Land and Property and the design team to reach this stage is a credit to all involved and the ground-breaking ceremony marks the start of the much-anticipated construction phase.”