A joint venture contract to build the £1.9 billion Smithfield scheme in Birmingham city centre has been finalised.
Birmingham City Council is working with Australian contractor Lendlease on the 42-acre scheme and this latest milestone follows the provisional agreement of the partnership announced in December.
Smithfield is set to be built on the former home of the Wholesale Markets following its relocation to the north of the city in 2018.
It could contain more than 3,000 houses, a new home for the historic Bull Ring Markets, shops, a hotel and a new public square to be used for activities including festivals and community events.
It is believed that the site could create more than 8,000 jobs in the long term.
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Work on a planning application is under way and a full public consultation will be held in due course as more detailed proposals are developed.
Greater Birmingham & Solihull Local Enterprise Partnership has allocated £2.3 million from its Enterprise Zone Investment Plan to enable the procurement process to go ahead.
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City council leader Cllr Ian Ward said: "Smithfield Birmingham is a real, once-in-a-lifetime opportunity to create a new community in the heart of our city and we are really excited to be working with Lendlease Europe which has an internationally proven track record for bringing forward major developments like this.
"This £1.9 billion development means jobs, homes and opportunities and Smithfield will become a shining example of inclusive economic growth and will create a real legacy in the heart of Birmingham."
Lendlease and the city council are already working together on the Perry Barr Residential Scheme at the former home of Birmingham City University where the former is managing contractor on the project to create 1,400 new homes.
Neil Martin, Lendlease's chief executive in Europe, added: "This is a real landmark moment and it is testament to the hard work and determination of everyone involved that we are now moving onto the point where we will work with the wider community to bring this development to life.
"As well as providing some fantastic new homes and vibrant workspaces in Birmingham, we'll be helping create thousands of new jobs for the city over the future years."