A Grade II-listed former warehouse on the banks of the Bridgewater Canal in Broadheath could be transformed into 34 apartments.
The Bridgeworks warehouse, which dates back to 1833, is located next door to the Budenberg development but is now in a dilapidated state.
Attempts have been made to rescue it before, but now developer Silverlane - which bought the site earlier this year from Peel L&P and a private seller - has come forward with a £10m plan for a mixed-use scheme.
The proposed £10m development would see the three-storey industrial building converted into 34, one, two and three-bedroom apartments.
The proposals also include the construction of a Grade A office building next door, providing 7,000 sq ft over five floors.
Steven Carnes, managing director at Silverlane, told Place Northwest: "Whilst this development addresses the immediate housing demand, it is important that we can bring this former warehouse back into life to provide a high-quality, mixed-use development where people will want to live and work.
“We have worked closely with the conservation and case officer who share the wider vision to transform this derelict brownfield site."