Work to construct a £90m "contemporary Brooklyn-style tower" bordering Manchester and Salford is to restart in the coming weeks after a funding deal was agreed.
Legacie Developments recently secured a deal with administrators to relaunch the development formerly known as 'The Residence'.
The 300-apartment scheme on the banks of the River Irwell will also include retail and leisure facilities.
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The work will continue after Legacie secured a multimillion-pound short-term loan from Manchester-based specialist lender, Together.
The founder of Legacie Developments, John Morley, said: "I am personally delighted that we have been able to step up and put forward an exciting new vision to create a contemporary, state-of-the-art residential tower.
"It is fantastic to have the support of Salford City Council for our work too and I hope that we will create a development that they and the whole of Manchester can be proud of. We've rebranded the site 'Embankment Exchange'.
"People have compared some of the modern buildings emerging on Manchester's skyline to those constructed in Brooklyn in recent years. I think Embankment Exchange fits that description - it is going to offer prestigious apartment living with first class amenities.
"Embankment Exchange adds to Legacie's growing Manchester portfolio which is being supported by our colleagues at RWinvest and Together."
Ritchie Watson, corporate lending director at Together, said: "We are delighted to have been brought on board by John Morley to work in partnership with Legacie Developments on the fantastic Embankment Exchange project.
"John brought the initial proposal to us at the end of November and we worked to tight timescales with the Legacie team and their solicitors, liaising with valuers and consultants, to deliver the finance needed for such a large and complex development.
"It’s fantastic to see our funding breathing new life into this scheme, which is now set to be one of the area’s most impressive residential apartment blocks in the region and provide much-needed homes to the ever-expanding Manchester residential market."
Cllr Mike McCusker, lead member for planning and sustainable development at Salford City Council, said: "Legacie Developments have successfully purchased this important development site. That is welcome news.
"The Greengate area of Salford’s city centre has changed dramatically in recent years and is becoming an incredibly popular mixed-use community.
"The scale and pace of new development has been extraordinary, and I hope this means another large-scale development in Greengate can now get back on track."
