Construction has started on the 335-apartment PLATFORM_ scheme on Sylvester Street, the company says.
The development, on a site near Decathlon and beside the River Porter, was announced by The Star in May 2017. It received planning permission in 2018.
In January last year, owner, real estate investor and developer, Westrock said construction was due to start in the first half of 2020.
Now PLATFORM_ has announced a tie-up with Denver-based Northwood Investors. It says the Sheffield complex is scheduled for completion in 2023.
The flats will be ‘build-to-rent’ - upmarket accommodation for long-term renters.
The scheme will include a revamp of a stretch of the Porter Brook after it emerges from beneath Decathlon car park.
The site is in the Cultural Industries Quarter, defined by street patterns from the 18th century, evidence of early water-powered mills and traces of Sheffield’s old Little Mesters’ metal trades workshops.
It is also next to a Grade II-listed building, Sylvester Works.
In 2018, Historic England initially objected to the plans but amendments were made which were, in part, supported by the organisation.
It said then: “The current proposals would cause harm to designated heritage assets and thus, the development cannot be considered a positive, public benefit in this regard.”
But Sheffield Chamber of Commerce approved, stating: “The development would bring a site back into active use that has laid derelict for a significant number of years, enlivening the area and stimulating new business.
“It would help maximise the benefits of HS2 and Northern Powerhouse Rail and sustain the Moor Market.
“This development would secure another major investment in the city, which is fundamental to us growing our economy and delivering good jobs in the future.”
Jean-Marc Vandevivere, chief executive of PLATFORM_, said: “We are delighted to have formed this partnership with Northwood Investors to accelerate our delivery of new homes for rent in Cardiff, Glasgow and Sheffield.
“We are looking forward to being amongst the first Build to Rent operators in these dynamic and growing cities and providing our new residents with thoughtfully designed accommodation and excellent customer service at affordable rents.”