The Abu Dhabi based Manchester City owner is to develop a housing development close to the ground.
Manchester City Council have teamed up with the Abu Dhabi United group, and agreed a joint venture with the council to ultimately aim to invest more than £6bn in more than 6,000 houses in east Manchester.
The project, dubbed The Manchester Life initiative, will see 830 houses built around Ancoats and New Islington. The land has been acquired and work should start early next year.
Manchester City Council has said the project will strengthen Manchester's economic growth, by providing much needed residential units, helping Manchester to achieve its Residential Growth Strategy.
Council Leader, Sir Richard Leese said: "Today's announcement adds another commercial dimension to the already significant investment made by Manchester City Council and ADUG in East Manchester, and in doing so progresses the regeneration story which began in the 1990s and was accelerated by the 2002 Commonwealth Games and ADUG's recent development of the Etihad Campus.
"The planned transformation of the eastern edge of the city centre is the single biggest residential investment Manchester has seen for a generation. Building thousands of quality new homes will be a fundamental part of our growth story and will deliver significant socioeconomic impact. We look forward to working with Abu Dhabi United Group to create a world class exemplar of regeneration."
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