This 42-storey apartment block is being built in Broad Street and will include a running track on the roof.
It will also include smart lifts which know when you have entered the building and a residents' app.
The new £183 million apartment tower was granted planning permission by Birmingham City Council today.
Developers Moda Living says it is hoping to turn renting from a last resort into a genuine lifestyle choice with the new development - 2one2 Broad Street.
First revealed earlier this year, London-based Moda Living will build a new tower with 481 apartments on the derelict site of the former Tramps nightclub in Broad Street.
It will contain 30 studios, 163 one-bedroom, 260 two-bedroom and 28 three-bedroom apartments for rent only as well as secure cycle parking, 48 spaces for car and nine for motorcycles.
There will be a 200-metre running track on a podium at level three which Moda Living claims is the first of its kind in a UK residential building.
There will be 24-hour concierge service, more than 30,000 sq ft of communal space including residents' lounge, health and wellness zone and dining club with a demonstration kitchen.
There will also be 35,000 sq ft of retail and leisure space and smart lifts that know when residents have entered the building and are ready to take them to their apartments as soon as they have walked in.
The MyModa app will allow tenants to control smart thermostats, report any problems by taking a photo and welcome guests through a virtual Skype-style door buzzer.
Tenancies will be offered for up to five years for renters seeking long-term security.
The planned development will be close to the Brindleyplace estate and a stop on the newly extended Midland Metro tram which will run from New Street station to Hagley Road.
Moda Living will retain ownership of the building once completed and act as landlord and building manager.
Managing director Tony Brooks said: "We're delighted Birmingham City Council has consented such an ambitious scheme and we're confident high-quality rental housing will further boost the city's fight for talent and investment as companies realise the huge potential the Midlands has to offer.
"Renters have been poorly served by the housing market and the aim of build-to-rent is to change that by providing everything people need - from workspace to well-being - with a mix of community, security and great service."
The scheme has been designed by Birmingham-based Glenn Howells Architects with funding provided by Apache Capital Partners and planning consultancy from Turley.