Eric Wright Construction will begin site clearance works for the 4.5 acre 'Altair' scheme this summer.
Nikal was granted outline planning permission for 'Altair' in January 2014.
The first phase involves creating 59 apartments along with ground floor retail units.
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Designed by architects Stephenson Studio, the apartments will be delivered by Nikal's homebuilding company Hillcrest Homes.
Phase One plans also include a new entrance for Altrincham Ice Rink and a new landscaped pedestrianised area with space for outside seating and pavement cafés.
Proposals for further construction phases will be submitted later this year, including retail spaces for new restaurants, cafés, bars, shops and office accommodation.
Nikal MD, Nick Payne, said: "Altair is such an exciting new addition to our thriving modern market town; a premier town centre living quarter and a real community with high quality but affordable homes where values will appreciate."
The first phase is due to be completed in December 2017.
(LM)
