The scheme designed by SimpsonHaugh will consist of three connected blocks rising to 33, 11 and 9 storeys and is expected to cost around £130m to build.
Built at the corner of Great Ancoats Street and Port Street it will provide 477 high-end private rental flats, managed by Select’s Affinity Living brand.
Adam Price, chief executive of Select Property, said: “Launching One Port Street – and our Prestige Collection – marks the culmination of decades of experience across the UK’s residential market, creating compelling places to live.
“One Port Street harnesses that knowledge to create the ultimate residential offer, and there is no better city to do it than Manchester.”
Ian Simpson, Partner at SimpsonHaugh, added: “One Port Street will become as synonymous with the Northern Quarter as Beetham Tower has become for Deansgate.”
The grand reception area will be reminiscent of a hotel, centred around a 360° firepit with concierge service, ensuring a warm welcome for all.
There will also be a 2,000 sq ft leisure suite featuring a private swimming pool and spa pool, a state-of-the-art gym and separate fitness studio.