The agreement sets out a staged affordable housing contribution worth up to £114m and comes more than two years after councillors backed the five-tower development.

Together the towers will deliver nearly 2,400 flats, including a 71-storey landmark that will become Manchester’s tallest building and the tallest in the UK outside London.

The 213m tower, nicknamed the Lighthouse because of its lantern-style glazed crown, will contain around 640 flats and a public restaurant on its top floor.

Designed by SimpsonHaugh Architects, the slender tower will feature a unitised facade with a distinctive chequered pattern below its glazed upper floors.

Renaker is expected to spend around £235m building the Lighthouse.

Under the Section 106 agreement, the project faces a maximum affordable housing contribution of £33m, with the final payment dependent on the profitability of the landmark tower.

The other four towers will be subject to similar clawback contributions worth up to a further £81m.

Great Jackson Street cluster with planned and existing building

These will be delivered as two pairs on either side of Great Jackson Street, with one pair rising to 47 storeys and the other to 51 storeys.

Together they will provide nearly 1,750 flats alongside commercial space at lower levels.

Construction of the four towers is expected to cost more than £570m.

Once complete, the development will fill the gap between Renaker’s Deansgate Square and Crown Street clusters and further reshape the southern Manchester skyline.

Renaker has yet to reveal its demolition and construction timetable for the five-tower programme.