Property company Town Centre Securities has submitted plans to Manchester City Council for an 11-storey, 91-apartment scheme on Tariff Street in the city centre.
The proposed building, designed by Ian Simpson Architects, will be entirely residential and incorporate a mix of one-, two- and three-bedroom apartments.
The site is next to Jackson's Warehouse and is currently grassland. The block will form the next phase of the previously approved masterplan for the regeneration of the Piccadilly Basin area. The last phase of Piccadilly Basin was completed in 2008.
Within walking distance of Piccadilly station, TCS said the scheme would complement the council's regeneration plans for the area in preparation for HS2, which includes the construction of a new terminal alongside the current station.
The development team has worked closely with English Heritage on the design of the building.
The property will be split into thirds, with a brick lower layer, an aluminium or steel-panelled middle section, and a glass top section.
The designs include a private communal outside space facing the canal and marina, lighting for residents and towpath users and the creation of green roofs.
Piccadilly Basin has been owned by TCS since the late 1960s as part of founder Arnold Ziff's ownership of the Rochdale Canal Company. A masterplan for the area was developed in 1998. Initially, the canal was re-opened, a road bridge removed between Ducie Street and Brewer Street, locks were replaced and a marina created.
In 2006 TCS developed a 33,100 sq ft office building for BDP as its northern HQ and in 2008 completed the redevelopment of Carvers Warehouse into offices.
Richard Lewis, property director at Town Centre Securities, said: "This was a key site in the original masterplan for Piccadilly Basin. Our ambition has always been to create a high-quality, superior waterside development that completes the marina. We are committed to sustainable development and have a solid reputation for quality and innovation.
"In recent years TCS has worked hard to transform and regenerate the area, reopening the canal and tow paths, restoring historic mills, improving the public realm and building bespoke, design-led new buildings."
GMI Construction Group is the development partner and Deloitte Real Estate is the planning consultant for the scheme.