Work is set to start next year on the long-awaited revamp of the old Typhoo Tea building in Digbeth which will create new bars and art studios.
Birmingham-based developer Stoford has been appointed to lead the £200 million redevelopment which encompasses an area off Bordesley Street including Typhoo Wharf, the former Typhoo Tea building and the adjoining canal basin.
This is where tea used to arrive in Birmingham from London.
This area has been identified as a key regeneration opportunity and catalyst for growth within Birmingham City Council's Big City Plan, due in part to its close proximity to the planned HS2 terminal in Curzon Street.
At least one million sq ft of development is anticipated which will include grade A office space, incubator space for small businesses, bars and restaurants, artist studios and homes.
The original 1930s building will be converted as part of the regeneration and new buildings will be added.
A planning application will be prepared in the summer and work is due to start on site in mid 2018.
The announcement is being made to potential investors by the Midlands delegation at international property convention MIPIM in Cannes this week.
The opportunity is expected to attract major inward investment into Digbeth and create hundreds of jobs and forms part of a much wider planned first reported a year.
Called Knowledge Hub, it involves a long-running regeneration of the land around Jennens Road, Curzon Street and parts of Digbeth and could see new a outdoor cinema, business space, cycle lanes and public squares.
Jon Andrews, director at Stoford, said: "This is a very ambitious scheme that promises to set the tone for transformation of the Digbeth area of the city and we are delighted to have been selected to play a central role in delivering this important development programme.
"We will be working closely with owner Gooch Estate, Birmingham City Council and Curzon Regeneration Company, Greater Birmingham and Solihull LEP, Savills and other local stakeholders to ensure the vision for this ambitious scheme can be delivered with a collaborative approach.
"There is a fantastic and thriving arts community in Digbeth which makes it the contemporary cultural heart of the city.
"This is an important part of the mix that will attract unique occupiers and position Digbeth as an internationally attractive location in which to live and work."
Waheed Nazir, strategic director, economy, at Birmingham City Council, added: "The city council sees the Digbeth area as a major regeneration zone.
"Located on the doorstep of HS2 and with a £724 million investment plan, Digbeth will be set for significant transformation. This announcement is a major step forward and hugely positive."