A public-private partnership between developer U+I, the Council and Transport for Greater Manchester is masterminding the vast scheme.
Phase 1 will see the city’s first new park in more than 100 years, a nine-storey and 13-storey office buildings and a 581-space multi-storey car park opposite Manchester Piccadilly Station.
Overall the scheme will deliver 1,500 new homes, 1.7m sq ft of office space, shops, and a 650-bed hotel.
U+I said Mayfield would generate £40m in development management fees to the business over its 15 year lifespan.
Work on the site starts in the autumn.