The 300-apartment project forms the final part of a masterplan, which will see £200m invested into the Renaissance site to create a mixed-used scheme that also includes a hotel and offices.

The planned residential building to be known as One Cathedral Square has a stepped design to create large roof terraces.

John Sisk has been connected with the project but a contract has yet to be signed.

Angled to the sky, the 280,000 sq ft landmark building will features sandstone precast panels which are textured and patterned to reflect the stonework of the nearby Manchester cathedral.

The JV’s new-build residential tower forms one element of a three-part plan to revamp the Deansgate site it bought from Urban&Civic just over a year ago.  

An office element of 40,000 sq ft of space will also be built at the cleared site previously occupied by Premier House.

New hotel and four-storey offices at former Renaissance hotel site on Deansgate.

Approval was also given last year for the site’s 1970s hotel to be refurbished (above picture). The resulting revamped 200-room hotel will be operated by SH Hotels & Resorts under its Treehouse brand.

Residential block designed by Jon Matthews Architects

A spokesman for PAG said: “We are really proud to be bringing forward the ‘Renaissance’ of Deansgate with our partner, Starwood Capital.

“We can’t wait to get started on this landmark office scheme, that will bring our holistic design-led approach into play, with a vibrant mix of high-quality office space and amenities.

“The wider redevelopment of this site is set to become a game-changing destination for Manchester’s businesses, residents and visitors.”