Manchester City Council's Planning and Highways Committe have approved a new development by real estate company Dominus on Medlock Street.
The One Medlock Street scheme will provide 1,000 beds for students of both The University of Manchester and Manchester Metropolitan University.
The development will be partnered with Whitbread and will include two new buildings with 13 and 37 storeys respectively as well as office space and park/garden areas.
The building will replace an existing Premier Inn and is expected to support 475 jobs and provide a £198 million boost to the local economy.
Commenting on the plans Principal Director at Dominus Real Estate Jay Ahluwalia said: "We are pleased to be working in partnership with Whitbread to create a mixed-use scheme that will provide an attractive, sustainable and well-connected hub for work, study and living. Our aim is to provide a huge boost to Manchester’s Southern Gateway, contributing to the continued regeneration of the First Street area.
"Our One Medlock Street scheme will bring high-quality and flexible Grade A offices, much-needed student housing at a location supported by the City Council and a better street-level experience for all. "We are delighted that Manchester City Council have resolved to grant planning permission at Planning Committee. We look forward to starting on-site and delivering this exciting project."
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