Major plans for two towers on the site of what would have been Birmingham's tallest building have been submitted.
Midland firm Regal Property Group is proposing to build a 22-storey apartment block and an 18-storey Innside hotel and restaurant on land off Broad Street.
The company was previously behind the £125 million Regal Tower – which was supposed to be more than 150ft taller than the BT Tower – but the new plans have now been significantly scaled down.
Instead, Warwickshire-based Regal, run by father and son team Roger and Mark Holbeche, has brought a new scheme to the table under the name 'Left Bank'.
The proposals would see 188 apartments and a ground floor retail unit in one block, with the hotel and retail and leisure areas in the other.
The project would be built on the site of a car park on land between Sheepcote Street and Oozells Way and involve the part demolition of the Grade II listed building at 78-79 Broad Street which currently houses the 'Big Bite' takeaway.
The plot was once home to a Jewish synagogue from the 1960s until it was relocated in 2008 and Regal Property Group has been eyeing the site for redevelopment for more than a decade.
Mike Olley, manager with the Westside Business Improvement District, which works with companies to improve the Broad Street area, welcomed the development.
He said the increase in footfall from schemes like this, as well as Seven Capital's Park Regis hotel development and plans for Broadway at Five Ways, would have a further knock-on effect to the economy in that part of the city.
"This was one of the sad victims of the recession but now we seem to be bursting back to life and this is a local firm, these are not Johnny-come-latelies from out of town," he said.
"We have got some very solid developments in place. Broad Street is renowned as the entertainment capital of the Midlands but, with things like this being built and Park Regis rolling forward, and now they are demolishing Arena Central and starting work on Paradise, things are really coming together.
"It is going to bring new people and new money into the city."
Regal submitted the plans to Birmingham City Council this week, about four years after plans for the Regal Tower were approved.
The original proposals would have seen a 56-storey building containing offices, retail space, a 289-bedroom hotel and 256 apartments on the land close to Brindleyplace.
Documents submitted to the council show Innside, which is part of the Spanish-based Melia group, as the hotel occupier.
The small chain operates in Germany and has three hotels in Madrid but is currently building its first UK hotel in Manchester, due to open next year.
Regal Property Group was founded in 1994 and is a member of the Capital Holdings Group based in the Isle of Man, which specialises in commercial and residential development.
Among previous projects was a 41-apartment development in Bishopsgate Street, off Broad Street, which also included building a new synagogue for the Birmingham Progressive Synagogue.
Broad Street is already a hive of leisure activity, particularly at weekends, and the new hotel on this plot would neighbour a Novotel, Travelodge and Jurys Inn as well as the Hilton Garden Inn on the edge of Brindleyplace.
This is the latest in a long line of regeneration projects in Broad Street and the surrounding area.
Property investment group Seven Capital is behind a trio of projects at Five Ways – a Park Regis Hotel in Auchlenick House, 271 apartments in One Hagley Road and a residential scheme in the Broadway building, home to a Tesco supermarket.
At the other end, work is due to start next year on the £400 million Arena Central project which will eventually comprise offices, a hotel, residential, leisure and retail space opposite the Library of Birmingham.
Slightly further away, the team behind the £500 million Paradise development last week confirmed the details of the first phase of the project with work set to start on January 5 on the demolition of Central Library and re-routing of the highway.
This project will contain eight office buildings a hotel of around 20 storeys.
Regal Property Group and Melia had not responded to a request for comment at the time of publication.