The 700,000 sq.ft St Michael’s project will include two sky bars and restaurants, a 200-room five-star hotel, offices, 153 apartments and a new synagogue.
It will be split between two skyscrapers up to 31-storeys high and is set to create around 1,300 jobs in the Jackson's Row area.
Neville said: “Our vision is to deliver the biggest statement in architecture and development that Manchester has seen in modern times.
“Our wish is for St. Michael’s to become the premier destination in the city that people come to enjoy all year round.”
St Michael’s will feature three new public spaces, including a 14,000 sq.ft square with alfresco restaurants.
‘The Garden’ will host live music and outdoor theatre events throughout the year with the help of a retractable roof.
A collection of bars and restaurants will open around a separate 15m high ‘architectural staircase’ with cascading outdoor seating areas.
Neville said the project was designed to ‘bring back to life a key, underused area of the city’.
It is the brainchild of The St. Michael’s Partnership, an international consortium comprising Singapore’s Rowsley Ltd, Beijing Construction and Engineering Group International (BCEGI) and Jackson’s Row Developments Limited, formed by Gary Neville, Ryan Giggs and Brendan Flood.
Sir Richard Leese, leader of Manchester City Council, said: “This development represents another significant vote of confidence in Manchester and underlines the city's continuing momentum for growth. It is particularly welcome at a time when, nationally, there is an uncertain climate.”
It is the latest hospitality venture from Giggs and Neville, who founded the GG Hospitality group in 2013.
The duo have since opened two Cafe Football restaurants in Manchester and Stratford and Hotel Football opposite Manchester United’s Old Trafford Stadium.
Michelin chef Michael O’Hare, who runs The Man Behind The Curtain restaurant in Leeds, was appointed creative director of the food offering at GG Hospitality earlier this year.
A public consultation on the St Michael’s plans will run from the beginning of September, though they can be viewed in detail at http://www.st-michael's.com.