Cllr John Clancy, leader of Birmingham City Council, visited the site with Cllr Peter Griffiths, cabinet member for housing and homes, to view progress at The Forum, a £50m development of 334 private rental sector (PRS) apartments by Rockspring Property Investment Managers LLP.
The Forum is on Pershore Street, on the site of the former Silver Blades ice rink, and within the 14-hectare Birmingham Smithfield perimeter.
More than £500m will be invested in the ten-year project, which will see Birmingham City Council regenerate the area, with plans including 300,000 sq m of leisure, retail, hotel and cultural space and 2,000 new homes set around a new public space and park.
Cllr Clancy said: "The Forum is a significant development: not only does it kick-start the development of Birmingham Smithfield, it delivers much needed new homes to the city.
"With 3,000 new jobs and 2,000 new homes Birmingham Smithfield puts people right at the heart of an exciting project that will in turn transform lives."
Rockspring has already committed to Birmingham with its £60m landmark office tower development on Colmore Row. The London-based fund acquired The Forum (formerly The Beacon) from developer Linkcity in May this year.
Paul Hampton, partner at Rockspring, said: "Forming part of the Birmingham Smithfield regeneration area, this is an exciting project for us and is very much in line with our strategic focus on rapidly improving residential sub markets within dynamic cities that are experiencing high levels of urbanisation and growth."
Bouygues UK is the main contractor for the development; Linkcity (formerly known as Bouygues Development) has been retained as development manager; the architects are Costorphine + Wright.