Patrizia UK has submitted a planning application for 624 apartments targeted at the private rented sector, to be built on a three-acre plot at the southern end of First Street.
Designed by Callison RTKL, at its highest the development will be 26 and 24 storeys, with ground floor commercial units surrounded by 35,000 sq ft of landscaped public realm.
The scheme, which was announced in January, will be targeted at young professionals, and will provide a mix of one-, two-, and three-bedroom apartments and duplexes.
The site, known as Plot 8, was previously earmarked for a mixed-use scheme, featuring an office, hotel and car park. A planning application was submitted in 2012 but never progressed.
Deloitte is the planner, Exterior Architecture is designing the public realm, and Cundall is the engineer.
Patrizia will retain the ownership and management of the apartments, as its flagship PRS scheme in Manchester.
The UK arm of Patrizia Immobilien AG bought the 20-acre mixed-use First Street in Manchester in May 2015 from Ask Real Estate. Ask is now the local development partner for the site.
At the time of the purchase Patrizia said it planned to bring forward the development of 1m sq ft of offices at First Street, alongside a PRS development.
The PRS scheme will form the foundation of Patrizia’s plans for a dedicated UK PRS fund.