The 136-year-old club has just signed a deal with developer MCD to start building work on several blocks of flats around the ground.
This will help to finance the long-awaited new pavilion, cricket school, car park, public square and bridge.
Plans have been in the offing for eight years, with planning permission granted two years ago.
The first phase in the redevelopment is to build the smallest of three towers containing 62 flats on top of the current cricket club car park.
Two other towers, both overlooking the park and river, will soon follow.
The club said 90% of these apartments had been sold with the money used to fund the next phases in the redevelopment.
A separate agreement has been reached with Chelmsford City Council to incorporate the New Writtle Street car park into the development plans.
Contact developers MCD on 0121 265 2030, e-mail birmingham@midcity.co.uk or visit www.midcity.co.uk
