A new urban village comprising thousands of homes and commercial space with the potential to create 3,500 jobs is set to be created at the NEC Campus in Solihull.
A masterplan for 67 acres of land next to the M42 has been unveiled by the NEC Group which it said could one day be home to 11,000 people.
It comes just weeks after the live events company announced the full financial impact of the coronavirus pandemic in its 2020/21 financial report, with shareholders having to inject £50 million to steady the ship as it plunged to a pre-tax loss of £50.4 million.
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Residents and businesses are now being invited to have their say on these new proposals which would transform huge swathes of surplus land and surface-level car parks at the campus.
The proposals are for 5,000 houses, 376,700 sq ft of commercial space and a further 150,700 sq ft of outdoor event space, a hotel, restaurants and cafés and a new primary school alongside green space and connections to the new HS2 station nearby.
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The bulk of the redevelopment land sits at the north of the campus next to Bickenhill Plantation where the new residential accommodation will be built.
This will also be the site of a new school and commercial and community space while elsewhere on the campus there will be a so-called 'Grand Plaza' and urban boulevard.
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This plaza is aimed at enhancing the area next to the NEC Atrium on the east of the building where plans include outdoor event space, dining out venues and a hotel which the NEC Group believes will together create around 3,500 jobs.
The urban boulevard will connect the complex with nearby developments on the other side of the M42 via a bridge including the mixed-use Arden Cross scheme and High Speed 2 Interchange station, with more commercial space set to be built along the boulevard.
Redevelopment plans for the car parks were mooted in 2018 when the NEC Group published a concept known as 'NEC City' and in April this year we reported that business leaders and local councils were re-examining the potential for a huge regeneration there.
Chief executive Paul Thandi said: "The NEC Campus is home to one of the top exhibition venues and arenas in Europe and, together with existing partners, we have long held ambitions to create a competitive destination to work, rest, live and play.
"These partners have seen the potential of the site and now will help us drive further investment and prosperity to the region.
"Now is the time to be bold and ambitious about the future and harness the power of the real estate we have to offer while simultaneously maximising the benefits of having a young, diverse and entrepreneurial population."
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Cllr Ian Ward, leader of Birmingham City Council which owns the land the NEC Campus sits upon, added: "This is an exciting moment for Birmingham and the wider West Midlands as this transformational masterplan is published.
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"Over the coming years this project will provide much-needed new homes and high-quality jobs for people from our region and I encourage people to make their thoughts known through the public consultation."
NEC Group owns and manages venues such as the National Exhibition Centre and Resorts World Arena in Solihull and the International Convention Centre and Utilita Arena in Birmingham.
It was sold to US private equity group Blackstone in 2018 for a rumoured £800 million.
The public consultation is now open and runs until December 24.