The £275m urban village scheme – named New Monaco – will transform the seven-acre site on Bristol Street into a village community on the edge of the city centre.
The scheme will comprise 11 apartment blocks ranging from five to 10 storeys, which will sit alongside two prominent towers of 26 and 29 storeys.
Once completed, the scheme will feature 1,009 homes, including 92 affordable private rental properties.
The plans also include a 7,588 sq ft residential hub and 16,285 sq ft of commercial space.
The mix of one-, two- and three-bedroom apartments and townhouses will be managed by one company, which will enable residents to upsize or downsize within the development.
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The Manchester-based property investment company is working with architects Leach Rhodes Walker and consultants Pegasus Group.
“Investment into Birmingham’s southside area has become vital to improving the levels of high-quality housing stock in the city,” said Chris Taylor, fund manager at MCR Property Group.
“Receiving the go-ahead for our New Monaco development means we can provide much-needed homes to Birmingham residents while carving an exciting new identity for the neglected Monaco House site.”
Christian Gilham, managing director at Leach Rhodes Walker, added: “We have worked hard with the city to deliver an exceptional scheme, which we believe will set the standard for new rental development and high-quality public and private spaces.
“The two towers will mark the location with a striking skyline and with their dynamic architectural facades, signpost and identify this location from the city centre.”