Backed by Countryside Properties, Urbed had already worked on a larger masterplan for Radcliffe in 2003 and highlighted the tricky riverside SUN Quarter as the most important area for renewal.
At the heart of the mixed-use proposals will be a new gallery overlooking the River Irwell, which will house stark granite sculptures by Ulrich Ruckriem.
This space will be designed by Shapero and Adjaye.
A spokesman for Urbed said: 'This was not a straightforward design submission. A great diversity of issues presented themselves, ranging from Environment Agency access to the River Irwell through to the compatibility of a bus station and an open-air market.
'However, the combination of Urbed's intimate understanding of the site and some highly creative design solutions on behalf of the entire team meant that an exciting yet highly efficient submission was realised.'