The 63,760 sqm development will have 722 flats, exclusively for rent, with shops, bars and cafes and street level.
The site is the Great Charles Street car park in the Jewellery Quarter, which has long been identified by Birmingham City Council as an opportunity for regeneration.
The 39-storey tower has been designed by Ryder Architecture.
Moda Living managing director Tony Brooks said: “Our team has designed a quality scheme reflecting the site’s location as an area of transition between the Jewellery Quarter and Colmore Business District, respecting its location within the conservation area. This decision is the culmination of months of collaboration with planning officers, stakeholders and residents. We are keen to get on site to start delivering this important, sustainable project, create jobs and invest in Birmingham over a long-term horizon.”
It will be Moda Living’s second development in Birmingham; contractor John Sisk is currently building The Mercian for Moda, which is the city’s tallest residential tower under construction and was subject to Goldman Sachs’ first ever UK build-to-rent development loan.
However, Sisk will not be building the Great Charles Street tower. Moda Living is in negotiations with two shortlisted contractors for this job.
Moda Living is partnered in both projects by Apache Capital.
Richard Jackson, co-founder and managing director at Apache Capital, said: “With compelling market fundamentals such as the youngest population of any major European city, and a growing number of corporate occupiers calling the city home, we are confident to be funding a second scheme in Birmingham, and anticipate strong demand for both Great Charles Street and The Mercian when they complete.”