Joint venture partners Galliard Homes and Apsley House Capital plan to create a new neighbourhood called St Paul’s Quarter.
Designed and master-planned by award-winning Glenn Howells Architects, the £125m scheme, which is bounded by Newhall Street, Graham Street, Brook Street, James Street and Northwood Street, will comprise 305 apartments – including lofts and duplexes – and circa 100,000 sq ft of commercial space, including affordable business and retail space, across 20 buildings, as well as new public realm.
A new public square will be incorporated, in the centre of the scheme, surrounded by commercial and leisure space at ground level.
As part of the developers’ plans, two grade II-listed buildings will be restored to their former glory and a further two derelict buildings – 123 and 128 Northwood Street – will also be salvaged and transformed into new homes.
Stephen Conway, executive chairman of Galliard Homes, said: "The Jewellery Quarter’s historic buildings give the area its special character.
"Galliard has a track record of restoring listed buildings across London and we are looking forward to bringing this experience to Birmingham.
"123 and 128 Northwood Street have a familiar typology to the Jewellery Quarter, with street frontages concealing rear factory wings.
"These two buildings reinforce the grain of the area, running north-south. It’s therefore right that we respect their heritage and preserve them, despite their lack of listed status."
More than 500 jobs are expected to be created at the scheme, including construction posts and jobs in the food, beverage, retail and office sectors. The development is anticipated to take four years to complete.