The Curzon Investment Plan aims to regenerate 141 hectares of land around the planned HS2 Curzon Street Station.
The initative, led by the Greater Birmingham & Solihull LEP (GBSLEP) and Birmingham City Council, will see up to 4,000 new homes and 600,000 sq m of commercial floor space development.
Proposals involve developing Curzon Street Station along with several new neighbourhoods, offices and retail spaces. Public places will also be created such as the Curzon Promenade and Curzon Square, which will incorporate the original station.
The scheme will result in around 36,000 jobs being created and a potential £1.4bn to be generated for the local economy.
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GBSLEP is to provide the majority of financial backing (£586 million), while £137m will be allocated from the West Midlands Combined Authority. A further £183m will be invested towards the cost of delivering Metro extension projects.
Prime Minister Theresa May said: "I'm delighted that Greater Birmingham is making this investment in the future, working to maximise the potential of HS2 by investing in jobs and housing – and encouraging more business investment.
"It was in Birmingham where I outlined my plan to build an economy that works for all, with a proper industrial strategy that delivers prosperity, job creation and higher wages across the country, not just in London."
Steve Hollis, Deputy Chair of the GBSLEP, said: "The Curzon Investment Plan is the first major commitment by a local area to maximise the impact of HS2. It outlines how we will use HS2 as a trigger to transform an area of untapped potential in Birmingham's city core and create thousands of new jobs, homes and places for businesses to thrive.
"This demonstrates clearly what we can achieve in this region by being given the right tools by central government, to unlock our own future economic success."
(LM/JP)
