The 14-hectare Birmingham Smithfield site will see over 300,000 square metres of new floorspace created, 2,000 new homes and a series of squares, parks and gardens.
Overall, the proposed ten-year plan aims to attract around £500 million of investment.
Council Leader John Clancy said: "Birmingham is experiencing an unprecedented period of change as billions of pounds of investment transform the city's economy. And, with 3,000 new jobs and 2,000 new homes, Birmingham Smithfield puts people right at the heart of an exciting project that will in turn transform lives.
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"Over the next decade this will continue at a dramatic pace as new jobs, transport facilities and residential communities are delivered and I'm confident our plans for Birmingham Smithfield will create a place for people that stands the test of time and sets the standard for sustainable development."
Andy Street, Chair of the Greater Birmingham & Solihull LEP, added: "The site's status as part of the City Centre Enterprise Zone will bring added impetus and over £40 million of funding has already been committed to supporting the delivery of these plans."
(LM)
