The Erdington site previously hosted a car showroom, workshop premises and Honeywell House, an eight-storey office block.
SevenCapital has already submitted a planning application to transform the offices into 84 apartments, and now plans to produce a comprehensive plan for the remainder of the site that will include a mix of residential and commercial uses.
A full planning application will be submitted in the new year – subject to consultation with the local authority and residents – with work expected to commence immediately after.
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Samuel Clark, director at SevenCapital, said: “This site has remained an eyesore for a number of years, while the surrounding area has benefited from continued investment, including Erdington Leisure Centre, Erdington Skills Centre and the ongoing regeneration of the Lyndhurst Estate.
“We are pleased to now be able to play our part in the reinvigoration of this part of Erdington and continue our investment both within and outside the city centre.
“We will soon be bringing forward plans to transform the location into an attractive and inviting place to live and work.”