The plan for 'Birmingham Smithfield' has proposed the redevelopment of 14 hectares of land around the city's existing wholesale and retail markets to provide improved market facilities, new residential neighbourhoods and a "family leisure quarter".
Over 100,000 sq m of mixed-use floorspace and 1,000 homes are expected to be created under the plan. According to a statement released by the Council, the development is proposed to include a series of new public spaces, including a new Market Square which would form "the focal point for the site, around which the markets and family quarter will be located".
The wholesale market is due to move to a new site next year, but the Council said the retail markets would remain on the site under the plan and would "be improved to encourage more niche and specialist traders to locate alongside the famous brands on offer at the nearby Bullring retail centre".
New pedestrian and cycle routes are included in the plan and the Midland Metro tram system would link the site to the proposed HS2 station at Curzon Street.
The Council's director of planning and regeneration, Waheed Nazir, said: "The opportunity to create such a unique and vibrant development is very rare. Birmingham Smithfield will have a transformational impact that capitalises on the area’s unique heritage and focus for markets. It will radically enhance the city’s retail, visitor and residential offer, as well as unlocking the growth potential of a much wider area."
The Council said it would open an eight-week public consultation on the plan on 19 March.