A £42m build-to-rent scheme of 324 apartments in Liverpool's Baltic Triangle has been granted planning permission by city council.
The apartments range from one-, two- and three-bedrooms and are spread across three buildings of between eight and 13 storeys. The scheme is designed by Falconer Chester Hall.
Plans by Windsor Developments to develop the site in Wapping in 2006 were halted when the developer went into liquidation after £15m had been spent on construction. Neptune's project will re-use an existing sub-structure as part of the new construction.
The development will also include facilities for residents such as a gym, lounge, meeting rooms, concierge and ground floor commercial and leisure spaces.
The apartments will be aimed at the long-term rental market rather than sold speculatively to investors.
Daniel Hynd, project director of Neptune Investments, said: "To develop this blighted site overlooking our world heritage waterfront with such a significant £42m residential PRS concept is not only critically important for the city but a first for the North West, we are now working hard on starting work on site as soon as possible."
Alastair Shepherd, director at Falconer Chester Hall, said: "While it's a very challenging site, as we are dealing with existing structure, we are confident the scheme will be a worthy addition to Liverpool's resurgent waterfront."