The decision marks a milestone for the £500m Paradise Birmingham scheme.
Councillors gave the green light to proposals submitted by development manager Argent on behalf of Hermes Investment Management.
The approval brings over 350,000 sq ft of speculative office development to the market.
Plans include developing two 'world-class' office buildings, One and Two Chamberlain Square, along with the enhancement of public space in Chamberlain Square.
Together, the proposals represent the first phase of the project.
External demolition of the existing buildings, including the old Central Library and the Paradise Forum shopping centre, is set to begin within weeks.
Construction of One Chamberlain Square will begin in Spring 2016, while Two Chamberlain Square will begin development in Autumn 2016.
The refurbishment of Chamberlain Square will also get underway during this period.
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Completion of the first phase is scheduled for the end of 2018.
Designed by Eric Parry Architects, One Chamberlain Square will be a curved, seven-storey building bounded by Centenary Way, Congreve Street and Chamberlain Square.
It will total 172,000 sq ft of office space, including a large roof terrace at the sixth floor level. It will be built along with a restaurant and retail spaces on the ground floor.
The neighbouring Two Chamberlain Square has been designed by Glenn Howells Architects, which oversaw the planning for the full Paradise development.
The building will include a five-storey portico fronting onto Chamberlain Square and stepping back at the sixth floor with a roof terrace.
Ground and upper ground levels are to offer space for restaurant and retail units.
In addition, Grant Associates Landscape Architects is overseeing a refurbishment of Chamberlain Square. It will include a new, wide pedestrian street through the centre of the development, linking Chamberlain Square to Centenary Square.
When complete, the Paradise development will comprise 1.8m sq ft of offices, shops, cafes, restaurants and a hotel in up to ten buildings.
Senior projects director of Argent, Rob Groves, said: "Now we have the City's permission, we will move forward on delivering these two exceptional office buildings and public space enhancements and bring our plans to create this prestigious business address at the civic heart of Birmingham into reality.
Chris Taylor, Chief Executive of Hermes Real Estate, added: "This approval will now enable us to deliver the world-class office accommodation the city needs to cement its position with high profile occupiers on the global stage."
The current enabling and infrastructure works on the development have been funded through an approved £61m investment by the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP).
(LM/CD)
