Manchester Life, the joint venture between the city council and Abu Dhabi United Group, are developing the project, which gained planning last year.
The project will involve building two eight-floor brick blocks at a strip site along the Rochdale Canal off Jersey Street.
The site, which has been earmarked for regeneration for many years, could now get underway this year.
Designed by PRP Architects, Jersey Wharf will provide a mix of one-, two- and three-bedroom apartments with around 6,000 sq ft of commercial space at ground floor level.
The client team includes Mace acting as project manager, Curtains as structural engineer and Buro Happold as M&E and sustainability consultant.
