The developer, part of Select Property Group, is readying a planning application for a residential tower in excess of 30 storeys within the Piccadilly Basin development zone, according to market sources.
It is understood Vita has agreed to acquire the site from Leeds-based developer Town Centre Securities.
A company named Manchester Port Street was incorporated last month, listing Vita Group’s Mark Stott, Giles Beswick, Mark Dawson and Michael Slater as its directors.
The plot, which is bordered by Great Ancoats Street and Port Street, is earmarked for a residential tower in excess of 30 storeys, according the Piccadilly Basin strategic regeneration framework.
The SRF also states the site could accommodate around 230 units.
Vita is understood to be working with architect SimpsonHaugh to draw up plans for the scheme. Vita has been contacted for comment, while SimpsonHaugh and TCS declined to comment.
Belgravia Living Group, a joint venture between TCS and Highgrove Group, owns several properties and sites that fall within the Piccadilly Basin framework.
Belgravia completed the redevelopment of Brownsfield Mill in Manchester in partnership with Urban Splash earlier this year, as well as the 91-apartment Burlington House in 2019.
Earlier stages of Piccadilly Basin’s regeneration featured the creation of the 160,000 sq ft Urban Exchange Retail Park, a 232-space multistorey car park on Tariff Street, and the Dakota Hotel on Ducie Street.
Elsewhere in Manchester, Vita won approval for a pair of co-living towers on Water Street last September. The firm is to deliver the project alongside Manchester Quays, a joint venture between Allied London and Manchester City Council.