The two planned buildings will overlook both The Bridgewater Canal and The Manchester Ship Canals giving every resident a home with a waterfront view.
As part of the proposals, Peel will be making a contribution equivalent to 20% affordable housing within Trafford and a further contribution will be made towards improving green spaces in the local area.
Sustainability is at the heart of the design and a fabric first approach will be used to reduce carbon emissions.
Alongside this, heat pumps and solar panels will generate energy on site and will be complemented by a heat recovery system, making the buildings highly efficient.
The site has been largely vacant for over 20 years and the proposals will deliver a high-quality scheme, transforming the area into a sustainable, mixed-use community.
James Whittaker Executive Director for Peel Waters said: “This is the next exciting step in our regeneration plans for Manchester Waters.
“Our proposed homes will celebrate their waterfront location as well as delivering much-needed new, sustainable, quality housing in the area in addition to providing the next section of new improved pedestrian and cycle links between Manchester and MediaCity.”