The S4B consortium that includes Contour Homes and Galliford Try has signed a development agreement with Manchester City Council to regenerate Brunswick over 25 years.
There will be more than 500 new family homes, of which 200 will be council homes for rent and 300 homes for sale.
Construction will begin next summer and the first new council homes will be ready for tenants in spring 2015 and the first homes for sale by summer 2015.
A further 650 existing properties will be refurbished. To improve both safety and neighbourhood layout, more than 100 properties will be reversed, reconfiguring the homes so the front door will now lead on to the public highway – as opposed to alleyways.
There will be new road links, an enhancement of Gartside Gardens, a new play area on Glenbarry Close and new community allotment area and orchard, new local shops, a new neighbourhood office and 60-bed sheltered accommodation and day-care centre.
The Solution4Brunswick consortium is made up of contract manager Equitix, social housing provider Contour Homes, maintenance company Mears, and construction firm Galliford Try. The project team includes architect Buttress Fuller Alsop Williams and planner Paul Butler Associates.
More than 60 residents have signed up to S4B's Opportunity Club aimed at helping local people access local employment and training opportunities, as well as apprenticeship schemes over the full course of the regeneration programme.