Manchester will get around £200m from the £1bn Greater Manchester Good Growth Fund, backing new jobs, homes and commercial space.
It is part of a wider investment package set to be signed off by portfolio leader for Good Growth, Councillor Bev Craig and Greater Manchester Mayor Andy Burnham next week.
The first tranche of the fund will deliver £400m investment for 30 projects across Greater Manchester, with a focus on residential and commercial development.
Victoria North will receive £34.1m to support 622 new homes, at least 20% of which are affordable.
This City will get £16.3m for 126 city centre homes at Postal Street, with at least 20% at Manchester Living Rent.
Wythenshawe Town Centre will receive £25.4m for its regeneration, including over 400 new homes, with most available at social rent and 109 extra care flats for supported living.
Bev Craig said: “Manchester is leading the way in trying to both supercharge our economy to create hundreds of thousands of new jobs, while also creating new opportunities for our residents and building homes everyone can afford.
“Our mission is clear, good growth that creates a world class city, a thriving economy and a place where everyone benefits.
“This groundbreaking GM Good Growth Fund will supercharge our ambitions, backing schemes that create jobs and the homes we need for everyone’s benefit.”
Craig added: “It will unlock and deliver major new sustainable housing investment that meets the needs of our residents, building excellent communities and town centres that our residents are proud to call their own – and, crucially, unlock projects that can deliver genuinely affordable and Council homes that make sure these developments are open and available to as many Mancunians as possible.
“We also know that the whole of the Northwest, and the rest of Greater Manchester, needs Manchester City Centre to do well – attract growth, investment and opportunity for the whole region.
“That’s why the Greater Manchester investment in commercial office development is so important. And despite the commercial challenges elsewhere in the country, Manchester can forge ahead with making sure our commercial pipeline meets the huge demand we see for new space in the city.”
He said: “It will also help a range of globally significant projects to move forward, while creating the conditions for our key growth sectors to thrive in digital, life sciences, research and innovation.
“The Good Growth Fund represents an unprecedented level of investment in key sectors and homes across our city region.
“We have thought carefully about how we can best inject money into the right locations and this fund is a major shot in the arm for economic growth, job creation, skills and infrastructure – translating directly into new jobs and opportunities for our residents to play their part in the city’s success.”
