The proposal will transform a 13-hectare brownfield site in south west Birmingham into a mixed-use development anchored by a large supermarket.
Since, the completion of Selly Oak New Road four years ago, the site has been ripe for development.
Sainsbury’s is planning a 100,000 sq ft major superstore beside the Worcester and Birmingham Canal.
Two 150-room, mid-range hotels are also planned, both of which would be close to the University of Birmingham and the Queen Elizabeth Hospital.
As well, the developers plan to build 400 student rooms and 100,000 sq ft of offices on the site.
A planning application will be submitted shortly following a public consultation.
Neil Carron, project director with developers Land Securities, said: ”These are exciting plans that will make a real difference to Selly Oak.
“They will not only see the land reclaimed and redeveloped into a vibrant destination, but also create 3,000 much-needed jobs.”