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The search is on to find a development partner to oversee the £1 billion transformation of Birmingham’s soon-to-be empty wholesale markets site.

City Council bosses will tomorrow launch the bidding process which will find a developer or investor to deliver on its Birmingham Smithfield Masterplan and create a new vibrant business and residential hub.

The 34-acre plot, , has been earmarked for new independent shops and markets, leisure facilities, restaurants, hotels, and 2,000 new homes.

Estimates suggest is will also create 3,000 new jobs, add £470 million value to the city economy, attract millions more visitors to the city and comes with a development value of more than £1 billion.

The council hopes to announce the successful company to deliver that vision by the end of this year. Meanwhile the wholesale markets are in the process of relocation to a new venue at the .

A report ahead of Tuesday’s council cabinet meeting said: “Due to the scale of the redevelopment, the council will need to partner with an investor/developer to bring appropriate finances and expertise to deliver the redevelopment.

“Key to the success of the redevelopment will be the creation of a new destination with high-quality urban design and critical mass to provide a high-quality environment with the ability to attract people/ visitors, occupiers, investors and funders.

“As a new and as yet unproven destination, getting the connectivity and public realm right will be key to changing current market perceptions.