The University plans to move all teaching and learning facilities to its City South Campus in Edgbaston and the City Centre Campus within Eastside and near Millennium Point.
The two-campus estates strategy includes a combination of new land acquisition, new build on existing University sites and a small amount of leased property.
Phase II, which will open in September 2015, will house Birmingham City Business School, together with the Schools of English, Law and Social Sciences.
Phase III, scheduled for completion in September 2017, will see the School of Education move to join the Faculty of Health at City South, creating a hub for the provision of public service contracts and professional development.
Vice-Chancellor Professor Cliff Allan said: “The significant amount of new build on both sites will enable us to create best practice facilities and an environment which embraces new technology and the innovative methods of teaching and learning required by today’s students and business partners.”