Capital&Centric and Kamani Property Group aim to build 193 apartments and town houses at the disused storage depot fronting Pollard Street.
If approved, work could start on site in early 2023.
Works will involve retaining the iconic Ancoats Works frontage on Pollard Street and new apartments including a modern twist on the red-brick buildings that once dominated the industrial area, while complementing the neighbouring Hope Mill.
Adam Higgins, co-founder at Capital&Centric, said: “At our communities in Piccadilly East and Kampus, we’ve seen first-hand that Manchester’s diverse neighbourhoods are attracting a real mix of people wanting to put down roots in the city.
“More and more, young families, retirees and downsizers are wanting to call the city home, as well as the more stereotypical young professionals.
“Ancoats Works responds to that, with a mix of townhouses and apartments to help foster a diverse neighbourhood, as well as spaces like the corner café bar and gardens where a genuine community can bond and grow. We’re excited about getting going.”
The collaboration follows the two companies joining up on plans for a site on Swan Street in the Northern Quarter, consented by Manchester City Council in 2021.