The ID Manchester partnership aims to overhaul of the 1960s-built Renold Building from teaching space into a hub for tech and science companies.
The 110,000 sq ft building will provide a range of coworking, office and meeting facilities to accommodate and support collaboration between researchers, entrepreneurs and businesses.
New events and exhibition spaces, including lecture theatres and a community café, will be accessible to local businesses, community groups and arts and culture organisations.
Bradley Topps, chief commercial officer for Bruntwood SciTech and Project Director for ID Manchester, said: “The transformation of the Renold Building into an innovation hub marks an important first step in the development of the trailblazing science and technology ecosystem we’re building at ID Manchester.
“We recognise the importance of the Renold Building to many in the local community and beyond, and we are committed to reactivating the building in a way that celebrates the rich heritage and architecture of the building. We’re very excited to be creating a new home for the next generation of Manchester innovators.”