The £1 billion 'Trafford Waters' scheme will see 3,000 new homes and 100,000 sq ft of commercial space built on the banks of the Manchester Ship Canal.
The 20-year project will be delivered across 50-acres of land at Trafford City, creating 5,000 jobs as well as contributing to local housing needs.
In addition, a new primary school and health and community facilities will be built to support new residents.
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Peel has already committed to spending £30m towards the new extended A57 road into Traffordcity at junction 10 of the M60, which includes a new lifting bridge link crossing the Manchester Ship Canal adjacent to Barton Bridge.
James Whittaker, Peel Land and Property's Group Development Director, said: "Trafford Waters will bring a unique neighbourhood to Greater Manchester, which will not only provide much-needed residential housing but also office space which will help unlock business and employment opportunities.
"The development will be sustainable and feature cycleways, plenty of landscaped, green spaces and waterways, making it a really attractive place to live, work and play.
"It will be a high quality development that will feature everything families would expect an established urban community to have and we're very excited to be bringing this to the people of Trafford."
(LM)
