Wayne Mellor, chairman of Inacity, the company behind the 58-storey Piccadilly Tower plan, claimed construction work at the site will now begin in January.
Mr Mellor denied he has sold his stake to Ballymore, which is owned by Irish multi-millionaire Sean Mulryan, insisting: "I have always had a significant stake in Inacity. I look forward to occupying the top four floors, which I have reserved for myself, I am extremely pleased with our new joint venture partner.
"I am very confident Ballymore will be able to deliver this scheme, which is vitally-important if the city's ambition to make the Piccadilly area the downtown of Manchester."
Piccadilly Tower, formerly known as Eastgate and Inacity Tower was granted planning permission by Manchester city council in March 2005.
When built it will be Manchester's tallest building and the tallest residential skyscraper in Europe.
Plans include 420 apartments, a 220 bed hotel and three-floor underground car park for more than 700 vehicles.
Mr Mellor said a confidentiality agreement prevented him from discussing the precise terms of the deal which property sources estimated at being worth more than £30m.
He said the investment by Ballymore - responsible for the massive Pan Peninsula development in London's Docklands and owner of the Battersea Power Station - followed a 'strategic review' of Inacity's joint venture partner on Piccadilly Tower, Altrincham-based Merepark.
He said "We were not satisfied because of the lack of progress on the scheme so we served them a termination notice, and all of Merepark's interest in our joint venture has been bought by Ballymore. Ballymore has a substantial, but not majority shareholding in the business."
He said the investment by 'heavyweight' player Ballymore, which has developments across Europe, would draw in major hotel operators to the scheme.
"I don't think there was a high level of confidence in the previous joint venture, We will be looking for a minimum four star-plus or five star hotel operator to come. The confidence in this project will rise now, I am sure."
He said car park operator NCP had agreed to vacate the Ducie Street site by the end of the year, allowing work to begin. As part of the deal with Inacity they will return when the development is completed to operate a 400-space car park.
Ballymore's investment in Manchester is its first and brings Sean Mulryan into the same territory as his brother Donal, who runs West Properties and is a major player in the city, with developments on Oxford Road and on the Ramada Hotel site at the bottom of Deansgate.
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ace, manchester (13/09/2007 at 11:38)
The Catcher, In The Rye (13/09/2007 at 11:48)
Is there a plan to make Manchester the new target for a new 9/11 plot?
The Truth (13/09/2007 at 12:00)
jacko101 (13/09/2007 at 12:31)
It suited my life style at the time, being on the door step of the pubs, restaurants and anything else I wanted and being close to work.
High rise can work, it just has to be done right and it has to be done to fit in to the local surroundings. Everything the Beetham tower doesn't!
This is not a council flat, so those comparisons are just insane. If done right, this could be a great addition to the Manchester sky line.
leep, Manchester (13/09/2007 at 12:32)
ace, manchester (13/09/2007 at 13:57)
Whos talking about council flats.its about living in a concrete jungle without many green areas that people can relax into.we in britain have a great way of making housing so smqall that rabbits would feel enclosed.just look at how small the rooms are in the new housing compared to american homes.ive been in american houses and they have room to move as opossed to our living spaces in our new build homes...Even the furniture has to be3 smade smqaller to fit into the homes....
traffordtroublemaker (13/09/2007 at 14:32)
The reference by jacko101 to council flats was in response to the earlier comment made about tower blocks built in the 1960s which were, in the majority of cases, built by councils as a quick win solution for the demand for housing following the baby boom years. They were pulled down as they were not built with any consideration for design or how they looked. As such they were ugly, small and uncomfortable.
These new tower blocks have a tendency to be airy, light and comfortable, everything people want in an apartment. They are also near to where people work and socialise, which is becoming more important in the increasing congestion and the demand for a 24/7 lifestyle. I feel they are necessary as there is a need for more housing in this country. I would rather they built tower blocks in the cities than concrete over the countryside to provide the homes that are needed. Get with the times!!
ace, manchester (13/09/2007 at 14:43)
You will see "Built in obsolesence" just like chrome bumpers on cars they go out of fashion mate. give it five years and people will want gardens and green spaces .just like allottments now they have come back into fashion people like stable things like bricks and morter .not chrome and shiny glass and marble. You only have to look at the layout of these estates now like little villages.not monster buildings..you watch give it time and you will see these monsters empty with paper on the windows saying "TO LET CHEAP RENTS"
ace, manchester (13/09/2007 at 15:04)
Give it time, ive already read some peoples letters in this newspaper who already live in the centre complaining about the violence and the cars being vandalised and all the noise at night when the thousands of clubbers start to riot .
jacko101 (13/09/2007 at 15:20)
Some people like living in a city centre where they are close to a lot of great things. Some of these places have gardens and some are too small (in my opinion), but again, some people don't want a garden. I really enjoyed living in Manchester city centre, but times change and I now have a house with a garden.
It didn't stop me selling the place to someone else who wanted what I had. Maybe they will want the garden in a few years, but then they'll be someone else who want that place.
And to compare UK housing to the US, is quite frankly, ridiculous. I think you'll appreciate that they have a bit more land than we do, so space isn't of major concern. And don't be fooled by the apartments you see on TV (e.g. Friends), I've stayed in many a poky place in US city's.
I do think that more should be done to make sure the buildings suit the area and maybe have some green around the place, but I think you need to realise that some people like what is on offer!
ace, manchester (13/09/2007 at 15:42)
I think you mean by "Those people" you mean the developers are conning you all into city living....And making millions out of you all.
ace, manchester (13/09/2007 at 15:45)
Ste, fulchester (13/09/2007 at 15:48)
When the buildings start getting higher to wind at street level will start to change. I hope that this time more consideration is given to this before the buidling goes up.
P.S. Yea they are making them too small. :)
Manchester by Day (13/09/2007 at 16:09)
Where is the green space for people to relax? Is there a real need for Manchester to have all these inner city apartments when half are empty now? Or are we getting taller buildings because Leeds and Liverpool want the stauts of tallest building in the North?...
Login, Manchester (13/09/2007 at 16:53)
As always I disagree with Ace's opinion. As always the general public disagree with Ace's opinion.
I'm there for inclined to believe that because Ace doesn't like it, the Piccadilly Tower will welcomed with open arms by the general public.
Hurrah! Cheers, Ace.
ace, manchester (13/09/2007 at 18:10)
Somebody needs to tell this guy?
ITS NOT BUILT YET...LOLOLOLOL
East Riding Mancunian, Radcliffe (13/09/2007 at 18:56)
ace, manchester (13/09/2007 at 19:43)
Well with somebody like presscott working most of his life in hull i wouldnt say to much.lolololol
Octavius Tinsworth Ace (13/09/2007 at 20:12)
This site does indeed appear to be riddled with moaners but if you look carefully it's the same people over and over again. Furthermore, their contribution to society appears entirely to comprise moaning about aforementioned "society" and are they utterly resistant to change of any kind. I genuinely shudder to think what Manchester would look like if certain people (who frequently "contribute" to this site) were in charge of town planning. Something similar to how it was when Frederick Engels was here, I should imagine.
jacko101 (14/09/2007 at 08:25)
It just proves what you are.
I wasn't sold a life style, I didn't have meetings with people or have some marketing thrown at me about city living. I did it before this up surge anyway, before it was 'fashionable'.
I don't even know why I think I have to defend myself, when your opinion means nothing any more.
You're just a moaner and nothing will ever change that. I hope you are happy with that, or maybe that should be, I hope you are sad with that, as I think you are content being unhappy!
CityCntr (14/09/2007 at 10:18)
PS Ace please STOP saying people want this or that, SOME people want this or that, not all people consult with theby letting you know their opinions.
BillyJ (14/09/2007 at 11:34)
BillyJ (28/09/2007 at 17:55)