Developer SevenCapital will use its construction company Colmore Tang to build the Connaught Square scheme in Digbeth.
The development will be delivered in two phases.
Once complete it will feature 770 new apartments, including a 27-storey landmark tower, 42,000 sq ft of commercial space, a community gymnasium and boxing academy.
The first phase is expected to complete in March 2022 with hopes for the whole site to be completed by August 2023.
Damien Siviter, director at SevenCapital, said: “Connaught Square is already one of the most significant and talked about regeneration projects to date in Birmingham, as it bridges the gap between the main city centre and the growing creative quarter.
“So throughout the entire design process, it has been imperative that what we create and deliver is the right fit for the area, the city and importantly right for the community that will form as a result of Connaught Square.
“We’ve been working tirelessly over the past few years to design a scheme that will enhance the city and create a new destination where people will want to live, work and spend their leisure time, and what we have now, we believe will deliver that.”