Warwickshire-based developer Regal wants to build the 22-storey block, containing 189 one- and two-bedroom apartments and shops, cafés or restaurants on the ground floor.
A second element of the project would see an 18-storey Innside hotel again with retail, leisure and a restaurant.
Meanwhile, councillors agreed to defer a proposal for the part-demolition of the Grade II-listed building at 78-79 Broad Street which currently houses the ‘Big Bite’ takeaway, which is part of the scheme.
Peter Douglas Osborn (Con Weoley) told the planning committee meeting: “This is a way of creating a sense of place at that end of Broad Street, which is very welcome and will benefit the people living in the nearby flats.
However, Coun Gareth Moore (Con Erdington) added: “We are tinkering with a listed building. This is a unique building and I have concerns that we are messing around with a Grade II-listed building.”
A council officer responded to say the “vast majority” of the building was being retained.
Plans for the scheme were passed subject to section 106 agreements.
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.
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.