A £38 million plan to build 190 apartments near Sheffield train station has been revealed.
The scheme aims to meet the demand for properties in and near the city centre after a report said there was a real need for residential housing in the area.
Manchester-based firm CTP is working in conjunction with Sheffield Council on the project, having been selected as the preferred developer by the authority.
The site, called Porter Brook, is named after the river which borders the eastern side of the one-acre site.
The 160,000 sq ft mixed-use development will comprise two blocks, one of six storeys and one of seven storeys, of one- and two-bed apartments, together with commercial units on the ground floors fronting Sidney Street.
A planning application for Porter Brook will be submitted this summer with work scheduled to start next year subject to planning approval. It is set to be ready for occupation by 2018.
David Topham, director of CTP, said: “This is a very significant development for Sheffield, providing the city with its first-ever dedicated private rented sector building.
“There is a pressing need for competitively-priced, well-managed apartments to rent in the centre of the city and Porter Brook will address this.
“There has been a long-term gap between the estimated annual demand for housing in the region and the number of homes built each year.
“This month’s State of Sheffield report, commissioned by the Sheffield Executive Board, highlights the need for new housing in the city centre for a growing population.
“Given this pent-up demand, combined with the remarkable success enjoyed by the private rented sector in both London and Manchester, we believe this is a very attractive institutional investment opportunity.”
Coun Leigh Bramall, cabinet member for business, skills and development said: “This superb development is a classic example of the public and private sectors working together for the common good.
“The development will also reinvigorate the Cultural Industries Quarter and we are hoping that the units on the ground floors of the two apartment blocks will be occupied by small independent shops, cafes and creative businesses which will promote the distinctly individual atmosphere in the quarter.”