Manchester City Council in the UK has selected Solutions 4 Brunswick (S4B) consortium as the preferred developer for the £113m Brunswick regeneration scheme.
S4B consortium, led by investor and fund manager Equitix, includes Contour Homes, building firm Mears, and Galliford Try.
The project will involve refurbishment of over 650 council homes, construction of around 500 new homes for rent or sale, as well as new road layouts and open spaces.
Plans also feature a new retail area for shops and amenities, a new office and a sheltered accommodation facility.
Under the project, Mears will refurbish a further 653 homes and provide ongoing facilities management services.
S4B general manager Andy Rymer said that the consortium has been working on the plans for the Brunswick area for the last five years.
"The area deserves and needs substantial investment to bring the homes and environment up to decent modern homes standards set by the government," Rymer said.
S4B anticipates submitting planning applications in the summer of 2013, and starting work later in the year.
In June 2012, the UK Government approved the 25-year Brunswick regeneration project ,which has been delayed for several years.
The project has been postponed since funding for the project was agreed by the Homes and Communities Agency under its housing private finance initiative (PFI) programme in August 2007.
Brunswick project was one of the 13 housing PFI projects that the UK government said it would support following its spending review in November 2010.