Kellen Homes wants to redevelop the former Rex Mill site off Don Street into 330 homes under plans submitted to Rochdale Council.
The 31-acre plot, close to the Bristish Vita factory, is dissected by the River Irk and was previously owned by investor Rock Co Capital.
Under Kellen’s plans, a total of 120 homes would be earmarked as affordable, while Sigma PRS would manage 106 private rented properties.
The remaining 104 houses would be available for market sale.
Avison Young is the planning consultant and Baldwin Design Partnership is the architect.
Kellen is headed up by Renaker managing director Daren Whittaker and former Countryside Properties chief executive Ian Kelley.
Earlier this year, the developer bought Vernon Mill in Oldham from The Character Group for £3.5m.
Kellen plans to redevelop the site, demolishing the existing buildings and delivering around 100 homes.