The masterplan for east Manchester's West Gorton, created by developer consortium BASE, a joint venture between Artisan and Barratt, was today approved by Manchester City Council's executive.
The plan, which includes refurbishment of 250 existing homes, 1,200 new houses and apartments, new shops, a medical centre, a primary school and a community park, covers 128 acres.
BASE and urban regeneration company New East Manchester will now prepare a planning application which will be submitted to Manchester City Council this summer.
Manchester City Council executive member for neighbourhood services, Cllr Eddy Newman said: "We have started the process of transferring existing council owned homes to a 'not-for-profit' housing association to fund the improvements needed for homes to reach the Government's Decent Homes Standard. However, urban renewal is not just about up-grading housing. This initiative is part of a comprehensive regeneration of the area that will create a sustainable community with a range of new amenities that will improve the lives of local people."