The 10 year Birmingham Smithfield plan is one of the largest city centre developments in the country and aims to add £470m GVA to the local economy and boost visitors to the region.
Plans for the area include new retail markets, leisure facilities, cafes, independents shops, restaurants and hotels, and space for cultural events and activities, as well as opportunities for start-ups, small businesses and entrepreneurs.
With the Midlands Metro tram running through the site, connecting to the HS2 station when it opens in 2016, as well as the New Street Station close-by, transport links are a key focus of the development.
Cllr John Clancy, leader of Birmingham City Council, said: “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.
“Over the next decade this will continue at a dramatic pace as new jobs, transport facilities and residential communities are delivered.”
Andy Street, chair of the Greater Birmingham & Solihull LEP, added: “The site’s status as part of the City Centre Enterprise Zone will bring added impetus and over £40m of funding has already been committed to supporting the delivery of these plans.
“The LEP is absolutely behind realising huge opportunities such as Birmingham Smithfield that will drive long-term economic growth and prosperity."