Preferred bidder Willmott Dixon will begin developing the new three-storey 5,700 sq m building on the site of the former Birmingham Science Park at Faraday Wharf.
Designed by Bond Bryan Architects, the facility will contain workshops, classrooms, a café and office space.
In addition, a car park and external teaching area will be developed with railway tracks, masts and social space next to the canal.
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The college will provide specialist training for future engineers to build major rail and infrastructure projects including High Speed Two (HS2).
Council Leader John Clancy said: "Birmingham is at the heart of the national HS2 network with Curzon Station, the construction headquarters in the city centre and the maintenance depot at Washwood Heath. The National College for High Speed Rail will be a much-needed conduit for the thousands of young engineers and scientists within Birmingham to access cutting-edge developments in high tech rail."
HS2's construction headquarters are already located in Birmingham.
Recently opened by Transport Minister Patrick McLoughlin, it is expected to create 1,500 jobs including civil, rail and site engineering and design, project management, procurement and health and safety.
(LM)
