Lowry Homes is building 440 new residential properties, ranging from one-bedroom apartments to four-bedroom houses.

It is hoped the development called the ‘Maine Place’ will begin the regeneration of Moss Side and Rusholme.

Also attending the official launch were senior management from Lowry Homes, key figures from Manchester City Council and national regeneration agency English Partnerships, plus local residents representatives and pupils from the area's primary schools.

Local residents will be given priority to buy the new housing.

Residents at The Maine Place will enjoy the benefits of not only innovative housing, designed with excellent "green" credentials, but also new community facilities, including a new school which will merge St. Edward's RC School with Bishop Bilsborrow RC Primary. It is also hoped a new health centre will be built.

Residents of the area will also be employed in construction of the development through a local labour scheme. Public art, including a piece commemorating the former stadium's centre spot, will be incorporated in the development.

Manchester City Council leader, Sir Richard said: "Maine Road has a fascinating history, of which Mike will forever be a part, and an exciting future. This development will improve housing quality and choice in the area, for the benefit of current and future residents alike. It's taken a lot of hard work to reach this point and I'm delighted to be here as the development is launched in earnest."