A high-end apartment block is proposed at Five Ways in Edgbaston after a previous scheme for student housing was scrapped.
Seven Capital has submitted plans for a 16-storey building to be called 'Landsdowne House' next to its One Hagley Road apartment block.
Managing director Phil Carlin said he hoped the £32 million scheme would create a "landmark residential building" and also offer something new, with the block boasting a large, hotel-style lobby with a concierge and gym.
The proposals would see 206 homes created, along with a car park with 77 spaces.
Mr Carlin said: "There are very few solely residential buildings in Birmingham with a real sense of identity. The Cube, of course, is well known but as a mixed-use building.
"The idea with Landsdowne House is to build a residential building which people recognise, adding to the city skyline."
He added: "When we bought One Hagley Road we inherited this consent. It was originally a dual consent for either a student development or a hotel, with the bulk and mass established.
"The student or hotel scheme wasn't for us so we brought forward this application instead. We want to deliver something really different here. There is a generous lobby so it feels more like a hotel.
"The idea is there is a real sense of arrival when you get home with a large first floor overlooking the island."
The scheme, designed by architecture firm BDP, includes studios and one-, two- and three-bedroom apartments, up to 1,000 sq ft.
The larger apartments, of about 1,000 sq ft, are expected to sell for about £300,000.
However, that remains significantly below comparable prices before the recession and Mr Carlin is confident in demand.
He added: "If you are asking a pretty good price for something then you have to deliver a quality product.
"We are not doing this to disappear soon after. We have a portfolio of developments and we have a responsibility to Birmingham to make sure we produce a quality product. If we deliver poor buildings it doesn't bode well for our next planning application."