Planning approval for the Pressworks development comes two years after the application was submitted.
The developer is Birmingham-based residential investor Prosperity Group.
Work on site is expected to start in autumn 2024 and Prosperity Developments will contract manage the build.
Pressworks represents the first development to come forward within the wider Smithfield masterplan area. The rest of the masterplan is being brought forward separately.
On a brownfield site bordered by Bradford Street and Barford Street, the proposals include new homes, including affordable homes, alongside amenities, and public and private outdoor space. As part of the transformation new commercial space will also be delivered.
Prosperity Group chief executive Joe Billingham said: “Pressworks is an opportunity to transform an underutilised brownfield site and deliver new homes, alongside exciting opportunities for café’s, restaurants, bars, and shops. It will drive local growth and create hundreds of jobs.
“It will also support the wider delivery of the Smithfield masterplan, representing the first piece of the puzzle for one of Birmingham’s most important regeneration projects. We’ve worked closely with Birmingham City Council and other partners to ensure our proposals align with the wider ambitions for the area.
“This reflects our ambition as a company, helping to play a role in the prosperity of the region, and leading the way in Birmingham’s ongoing transformation. We look forward to working with the city and our partners to deliver this exciting project.”