Plans submitted to the Council by Silverlane were today given consent by City planners, a move which will see the construction of 272 non affordable apartments at the top end of Church Street close to the train station.
As the development lies in what is considered a mid value area, there is no requirement for such to include what is termed affordable housing.
The 'Vicarage Grove' apartments will be split between a 23 storey main block alongside smaller interlocking four and six-storey blocks.
The ground floor will become a 7,500 sq ft commercial space to replace the current shops and the Top House pub.
The development was designed by architect Jeffrey Bell who also drew up proposals for 1,500 homes at Michigan Avenue on Salford Quays on behalf of Peel Land and Property.
The Quays development could rise up to 45 storeys high.
Planning documents show the town hall received seven letters of opposition, compared with four supportive ones.
Some residents have said that they are hoping to see the development usher in some much needed change to the former bustling area, whereas others have raised concerns about the viability of the design and impact of the building on the surrounding area.
One local resident said,
"The whole area has become an embarrassing eyesore which has been neglected for more than a decade, what was once a busy market town is now a shadow of its former self, I live in hope that the area will see a huge regeneration over the coming years, it really does need it."