The detailed planning consent for 189 homes has been designed by Whittam Cox Architects in two blocks, one of 10 storeys and the other 12 storeys, on the northern side of the canal opposite Phase I.
Subject to receipt of planning consent from Salford City Council, building work will start in early 2021 with completion expected in Summer 2023.
Almost all the homes will have their own private outdoor space by way of a balcony, terrace or garden.
This phase will also have a communal podium garden for the residents similar to the earlier phases. There will be 61 undercroft car parking spaces and 40 bicycle spaces.
Phase II was topped out in February of this year and will be completed by contractor BCEGI Construction (UK) in 2021.
The £700m Middlewood Locks scheme is being developed by a joint venture between Scarborough, Hualing Group, based in Urumqui, Xinjiang, in China and Metro Holdings, a Singapore-listed property development and investment group.
When finished the 25-acre development will provide 2,215 new homes and 900,000 sq ft of commercial space, including offices, hotel, shops and restaurants.
Paul Kelly, Development Director of Scarborough, said: “This is the next step in creating a reality of our vision for Middlewood Locks.
“This development is providing much-needed homes and will provide quality office space capable of attracting major organisations alongside further retail and leisure space, all in an environment that recognises people come first.”