UK Land & Property has released images of its planned development to finish Sarah Point in Great Ancoats Street, Manchester, which stalled in 2008.
The scheme is to be re-launched and renamed Nuovo to reflect Italian heritage in the area.
UKLP has planning permission to build 166 apartments and ground floor commercial space.
The scheme received £2.5m grant funding from the Homes & Communities Agency in August last year. Debt finance has also been provided by Clydesdale Bank. Part of the HCA funding will be used to subsidise shared-ownership units in a building next to Nuovo.
Work has started immediately on the site and completion is due in late 2012. King Sturge has been retained as sales agent. Stephen Hogg, partner at King Sturge, said: "Nuovo will be the only new build to start construction in Manchester during 2011 and sits in a prime spot on the edge of the Northern Quarter. The apartments will be available from late 2012 and they will raise the bar in relation to design and space in this highly sought after area.
"The commercial space adds a new dimension to the development that will bring an influx of new shops and restaurants to the area."
Sarah Point was started by Bashar Issa, the Iraqi developer who was declared bankrupt in 2008 owing banks £39m.