The developers are in talks about forming a joint venture to deliver the Salford project, for which a third set of plans has been lodged.
The partnership between Property Alliance Group and Forshaw Land and Property is to deliver a 17-storey block featuring 160 apartments.
A fresh application lodged by Forshaw proposes increasing the number of properties by 30 after the developer scaled back the original plans last year.
Three storeys are to be added to the £35m apartment block, located on Derwent Street overlooking the River Irwell.
In addition, Juliet balconies are now proposed on all of the apartments.
The ups and downs of Derwent Plaza
The scheme first came forward in 2017 and proposed 180 apartments across a single, three-tiered building varying in height with 21-storey, 14-storey and 11-storeys.
However, last November, revised proposals for a 14-storey building with 50 fewer apartments were submitted to Salford City Council.
The changes were prompted by viability issues relating to the original project, according to a planning statement from consultancy Lichfields.
There were also changes to the project team with Jon Matthews Architects taking over from DLA Architecture.
Contractor Domis is lined up to build the scheme. Renaissance is the structural engineer and TPM Landscape is the landscape architect.
The extent of the public realm associated with the development is yet to be decided and Forshaw is in talks with neighbouring landowners about how best to approach this.