The landmark housing-led proposals, masterminded by Hill Group and Shearer Property, are set to radically transform the centre around Coventry market, creating a pedestrian-friendly residential, shopping and leisure hub.
Phase 1 includes 991 homes as well as 8,000 sq m of commercial space, all set within 17,000 sq m of public open space.
Phase 2 will provide further commercial space and up to 584 homes.
Preparation works including fencing off the site and closing City Arcade have just got underway and construction is scheduled to start in the summer, with the first homes expected to be completed in early 2027.