The developer is presently in negotiations with several contractors to build the £260m Jewellery Quarter high-rise building complex, which will provide 722 homes for rent.

The site has remained undeveloped for over 70 years and has long been identified by Birmingham City Council as an opportunity for regeneration.

Tenant lifestyle facilities include gyms and wellness zones, green spaces, roof terraces, communal lounges, workspace and superfast broadband

Moda said it was looking beyond the coronavirus epidemic and was committed to building a second major scheme in the city.

As well as a 39-storey building at the corner of Great Charles Street and Livery Street, the complex will offer street-level boutique retail, café-bars and restaurants.

Tony Brooks, managing director at Moda Living, said: “Great Charles Street will be a fantastic asset for Birmingham. We are keen to get on site to start delivering this important, sustainable project, create jobs and invest in Birmingham over a long-term horizon.”

Richard Jackson, co-founder of funding partner Apache Capital, added: “With compelling market fundamentals such as the youngest population of any major European city, and a growing number of corporate occupiers calling the city home, we are confident to be funding a second scheme in Birmingham, and anticipate strong demand for both Great Charles Street and The Mercian when they complete.”

Now that Great Charles Street is approved, Birmingham will be the only city in the UK to host two of Moda’s ‘Next Generation Neighbourhoods.”

Great progress has already been made at The Mercian, Moda and Apache’s first development in Birmingham, which is the city’s tallest residential tower under construction, and was subject to Goldman Sachs’ first ever UK BTR development loan.

Working in partnership with Sisk on The Mercian, Moda has already delivered on one of its environmental, social and governance  promises to create hundreds of new jobs. In addition, with support from the WMCA, a bespoke Training Hub has been implemented on site.

The Hub has already supported 140 employment opportunities specifically for local people – including seven apprenticeships – by offering construction training and a guaranteed job interview after completing a 20-day course.