The developer will transform two brownfield sites overlooking the River Irwell to deliver 500 apartments, after winning approval from Salford City Council.
London-based Eutopia Homes, which acquired the Ordsall Lane sites in two separate transactions in December, will build two E-shaped blocks offering one to three-bedroom flats.
Additionally, the riverside will be opened up to the public and made more accessible by widening footways with landscape architecture work carried out by Park Hood.
Designed by Darling Architects, half of the apartments will be available to rent with the other half marketed for sale.
The development will provide an £850,000 section 106 contribution for an improved bus service to Manchester city centre.
No contractor has been appointed to the scheme yet.
The project team includes Pegasus as planner, Seerbridge as social value consultant, Wardell Armstrong as engineering and environmental consultant, JCA as property management consultant and Hann Tucker as acoustic consultant.
Scott Hammond, founder and chief executive of Eutopia Homes, said: “Coronavirus has caused a huge amount of upheaval and local authorities have been particularly hard hit by the disruption. So we are grateful to Salford Council for its flexibility and willingness to embrace new ways of working so we could take this development forward.
“The council has demonstrated a speed of decision making in difficult times which is testament to the desire to attract inward investment.”
Eutopia Homes was established in 2017 by Hammond, who previously co-founded Essential Land in 2009 and Essential Living in 2012.