Work is set to start on the building of almost 250 new homes at Belle Vue's historic greyhound stadium.
The ground in Gorton is set to be demolished and replaced with 167 two, three and four-bedroom houses and 80 one and two bed apartments.
Countryside, the developers behind the scheme, has bought the site from its owners, the Crown Oil Pension Fund.
Campaign group Friends of Belle Vue Stadium had hoped to purchase the stadium, which dates back to 1926 and was previously home to speedway team Belle Vue Aces, and hosted greyhound and stock car racing.
The stadium's leaseholders, which had operated the greyhound track, pulled out last year saying coronavirus restrictions meant there was 'no longer a business case to support the ongoing operation of the stadium'.
Countryside said 130 of the properties will be 'affordable homes'.
Gordon Innes, the firm's managing director for partnerships in Manchester and Cheshire East, said: "We are pleased to be in a position to start regenerating this important site and deliver much-needed affordable housing in East Manchester.
"Offering a mixed-tenure development through our partnership with Great Places is an essential part of fulfilling the appetite for local housing and also provides the fabric for a vibrant and diverse new community.
"We have been working on this project for a number of years and what continues to be evident is the role the stadium has played throughout the years for people near and far.
"The new development will recognise the heritage of the site and pay homage to its iconic status and this is reflected in its official name, Belle Vue Place."
Helen Spencer, director of development at housing association Great Places, said: "We’re delighted to be working with Countryside as part of our ongoing partnership on this key development.
"The site will provide 130 much-needed affordable homes in an area of Greater Manchester that so desperately needs them, and truly highlights the power of partnerships.
"Affordable housing continues to be a key priority for all of the areas we operate in and Great Places remains committed to creating great homes across a wide variety of communities."
