The proposals will transform the vacant 1960s office building site at Lawson Street, which was previously council offices, and act as a gateway to the Gun Quarter.
Designed by Stride Treglown architects, the new development known as the Perryian Works, draws on the history of the site, which used to be home to Perry & Co – the world-famous manufacturer of pens, chains, and bicycles.
According to the proposals, the development will provide nearly 2,000 student rooms intended to serve the nearby Aston University and Birmingham City University.
Bilal Ahmed, executive chairman and founder of Sama Investments, said: “Our proposals for 1 Lancaster Circus will transform this underutilised site to deliver a flagship scheme that will create a new gateway into Birmingham, whilst also supporting the wider regeneration of the area.”