Plans for 2,000-home Salford scheme at Middlewood Locks in the UK have been unveiled by real estate developer Scarborough Group International.
Spread over 24-acres, the scheme received planning consent from Salford City Council in March 2015.
Claimed to be the biggest private-housing development, the developer has raised the estimated gross value of the Middlewood Locks from £575m to £700m.
The site is located around the Manchester Bolton and Bury canal, which closed in 1961.
Middlewood Locks is being developed by FairBriar International, a joint venture between Scarborough, Hong Kong-listed real estate developer Top Spring International, and Metro Holdings Limited, a Singapore-listed property development and investment group.
With 550 homes and 29,000ft² of commercial space, the first phase will create cycleways and footpaths that will link the development with Manchester city centre. The commercial scheme will feature offices, hotel, shops, delis, restaurants, a convenience store, and gym.
Three large canal basins will form the centre of the development.
A detailed planning application is however, still in works, which would be submitted by September 2015, with the final planning decision expected by the fourth quarter.
The site has reportedly received clearance for a number of unsuccessful schemes over the past 10 years, including a £300m ‘urban village’ by Valley and Vale, and the £60m indoor ski centre SnoWorld.
Reacting to the news, Scarborough development director Lee Savage said: "Middlewood Locks will be a first-class, mixed-use community in one of the UK’s most exciting new areas.
"The development is situated in what will be a new business destination for the city as well as a sought-after residential neighbourhood due to its proximity to Manchester city centre, MediaCityUK, and the impact of other wider regeneration activities that are taking place in the Salford area."
Work on the first phase is expected to start in early 2016.