The team has been asked to generate funding for the scheme, secure sponsorship and develop community initiatives at Gaskell House on Plymouth Grove.
The property is being restored in a scheme headed by the Manchester Historic Buildings Trust.
It will become a centre for study of the Gaskell family and provide facilities for people living in the area.
It was there that Elizabeth Gaskell wrote novels such as North And South and Wives And Daughters, and where she hosted the likes of Charles Dickens, Charlotte Bronte, Charles Hallé and Harriet Beecher Stowe.
Prof Michael Luger, the business school's director, said: "We're delighted to be working on what is such an important project for the city.
"It's great to see our students strengthening links with the community is such a tangible way."
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