It will demolish vacant building Monaco House on Bristol Street to make way for more than 1,000 homes in a complex featuring two towers rising to 26 and 29 floors.

The landmark New Monaco urban village, designed by architect Leach Rhodes Walker, will also include groundfloor shops, a gym, cafe and bars.

Demolition contractor Fox Brothers has started tearing down the existing building and, subject to planning, MCR aims to start building work at the end of next year. It is estimated the project will take around five years, completing in 2023.

Chris Taylor, fund manager at MCR Property Group, said: “We’re incredibly proud of the final plans for New Monaco.

“Everything has been designed to enhance the vacant land and deliver well-designed, high-quality, affordable housing for Birmingham residents and enrich the city centre for generations to come.”

MCR Property Group is working with planning consultant, Pegasus Group.

David Onions, director at Pegasus Group, said: “Monaco House has been an unattractive part of Bristol Street for many years and this major new development will result in a dramatic improvement to this part of the city centre, aiding significant revitalisation of Birmingham’s Southside area and meeting the city’s growing housing needs.”