The firm’s development arm Linkcity has exchanged contracts with the council and Hyde Group to bring forward the project on the site of a former coach park.
It will involve building a multiplex cinema and restaurants, 491 student rooms and 189 affordable flats.
Bouygues UK has been appointed as the main contractor for the scheme, which will be delivered using modern methods of construction.
With all agreements now in place, construction will begin imminently.
The new student residences and commercial elements will complete in Autumn 2021, with residents moving into the new homes in 2022.