A huge £20 million residential scheme - which will complete development alongside Birmingham's Brindley Loop Canal Basin - is being planned by Cala Homes (Midlands).
Cala has applied for planning permission to build 185 one and two-bed apartments with two commercial units, while at the same time submitting a masterplan for the development of a further 115 apartments on adjacent land owned by British Waterways Board.
The company, part of residential and commercial property developer Cala Group, has acquired the site on Sherborne Street from Birmingham City Council.
"This is one of the prime remaining sites available for development in Birmingham city centre and will form the final phase of development of the Brindley Loop Canal Basin, which has provided the location for some of the most sought after apartments in the city," said Cala Homes (Midlands) managing director designate Andy Wilkins.
"We felt it was important that the whole scheme works together as one, as well as with the surrounding developments, hence the reason for submitting a masterplan for the whole area."
He added: "This scheme will provide further choice for both owner occupiers and investors in this sought after part of the city centre.
" Having built out award-winning developments at Broadway Plaza, Qube and PostBox, Cala has established a reputation as a leading city centre residential developer, which our scheme on Sherborne Street will further enhance."
According to Mr Wilkins, quality of design for the new development will be paramount. " The new scheme will be designed by Turner Woolford Sharp, one of the leading residential architectural practices in the UK," he said.
Rob Turner, partner at Turner Woolford Sharp, said: "The proposals will result in a contemporary quality development contextual to its surroundings and will provide a logical continuation of the redevelopment of the whole area using public frontages and private amenity though attractive inner courtyards."
Cala Homes (Midlands) expects Birmingham City Council to consider its planning application by Spring 2006. Should planning permission be granted work is expected to start on site in late 2006.
The firm is working on a further two city centre residential and mixed use schemes which will provide 400 new homes.