A planning application is to be submitted next month for a 270,000 sq ft office building designed by Glenn Howells Architects on the site of Elisabeth House.
Site owner the Greater Manchester Property Venture Fund and its joint venture development partner, Argent, said the new building will be BREEAM 'Excellent' and have floorplates of up to 22,500 sq ft. There will be 13 floors of offices above the ground floor.
The scheme will include 'an active mix of uses at ground floor level', such as public exhibition space, a double height reception with panoramic views across the redeveloped St Peter's Square, refurbished Central Library and Town Hall extension.
Mike Whitley, chairman of GMPVF, said: "We're confident that the finished result will be a stunning 21st Century building, playing a major, strategic role within St Peter's Square and the city region as a whole."
Gary Taylor, joint managing director of Argent UK Developments, said: "One St Peter's Square will be a contemporary building, inspired by its classical surroundings, sitting within Manchester's most important civic square. We've no doubt that, in the years to come, One St Peter's Square will be the most prestigious business address within the North West."
No start date was given with the announcement of the planning submission. But Nick Whipp, executive director at GVA Grimley and fund manager to the GMPVF, added: "The fact that it is being built with existing funds rather than being funded by the banks will mean that those looking to move offices within the next three to five years can be confident in their decision to relocate to One St Peter's Square."
Prior to submitting the planning application, the GMPVF and Argent will host a public consultation on Thursday 1 October within Central Library, St Peter's Square. The consultation will allow visitors to view the proposed plans, models and computer generated images of the building, as well as giving them an opportunity to speak with representatives from The GMPVF, Argent, the project architects and planning advisors.