Eventually, the £400m scheme will see 2.3m sq ft of mixed-use development, including 800,000 sq ft of offices, hotels, flats and 1.2m sq ft of retail/leisure units.
The 9.2 acre Arena Central scheme, which has outline planning, is being driven by a joint venture between Miller Developments and Bridgehouse Capital.
The flagship offices, which have been submitted for detailed planning, will consist of a curved 8-storey block with ground floor shops fronting Broad Street.
Known as 1 Arena Central, the building has been designed by renowned architect Ken Shuttleworth of Make Architects.
Clearance work on the site is already underway with further demolition of the remaining buildings due to commence shortly and work on 1 Arena Central and the new public realm set to start in early 2015.
A Holiday Inn hotel job is presently out to bid with several contractors, including Sisk and Galliford Try. A contractor is due to be appointed in the autumn for the 14-storey hotel, which will back onto Arena Square.
Ken Shuttleworth, Make founding partner added: “The opportunity to set the standard for Arena Central with the first office building and be able to contribute to one of the cities principal public spaces, Centenary Square, is just incredible.”