The long-planned redevelopment of the site next to Birmingham's Alpha Tower - which was once mooted to house the 51-storey 'V Building' - has taken a significant step after formal plans were submitted to the city council.
One Birmingham, part of property group Dandara, has lodged the application to build 322 apartments, 7,245 sq ft of commercial units and almost 500 spaces for cars, motorbikes and cycles.
The building would comprise two, connected blocks in a 'L' shape of up to 23 storeys, containing a mix of studios and one- and two-bedroom apartments.
Ambitious £150 million plans for the V Building site, currently a run down hole in the ground on the Holliday Street side of Alpha Tower, were first brought to the table in 1997 when a design by Eric Kuhne would have been one of Europe's tallest buildings had it come to fruition.
The plans, which included a giant spire, were scaled back in 2000 on the advice of the then Deputy Prime Minister John Prescott to about 500 ft, including a sky lobby, observation deck and rooftop restaurant.
Originally tabled for completion in 2009, it fell foul of the economic downturn and the site has remained largely untouched ever since.
A statement submitted with the plans said: "This development will bring a brownfield, vacant site back into a vital and viable use.
"The principle of development on the site has long been established....the application revises the previous permission and provides a viable solution for the site which can be delivered now and provides much needed new homes.
"The proposed development is a positive design solution, which will provide a significant contribution to the demand for high quality, modern residential accommodation in Birmingham city centre, respecting the surrounding landscape."