The development will be located on the site of the former Cock Inn pub, which was acquired by Urban Village in a £1.6m deal.
It will offer 64 en-suite bedrooms with communal facilities, such as a lounge, hairdressers and cinema, as well as associated parking and gardens.
Once completed, the senior living scheme will be let to a Care Quality Commission-registered operator for a minimum of 25 years.
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Nick Sellman, chief executive at Urban Village Group, said: “We have made it clear that we are on a mission to improve the senior living provision in this country so that more elderly people can enjoy their twilight years in high quality homes.
“Our development at Rubery will provide 64 excellent en-suite bedrooms with associated facilities, and we have plans to deliver many more such developments.
“With old age, the level of disability and dependency increases rapidly and impacts significantly on the demand for care services; Urban Village Healthcare is determined to help meet this demand.”