Proposals for the much-needed have been given the go-ahead by councillors.
Developer Ballymore wants to with a 400,000 sq ft building over 16 storeys.
The scheme, which had been dogged by the recession, forms a key part of the opening out onto the and St Chad's Cathedral.
The Post understands several global firms have expressed early interest in taking space on the scheme and the business community is keen to see work start with a shortage of office space in the city.
Proposals were passed for a scheme which will offer 360,000 sq ft of Grade A offices over 16 storeys, complemented with 40,000 sq ft of leisure and retail space, and parking spaces over four floors – subject to a section 106 order.
Coun Peter Douglas Osborn (Con Weoley) told the planning committee meeting: “There is no doubt about it, this is an unkempt part of the city and this development tidies it up.
“It is very welcome in that it tidies that part of St Chad’s up. However, we ought to be slightly cognisant of a cloud with the silver lining in that there seems to be some attempts to look at the grass area with a view to building on it. We should be looking after that.”
Fellow planning committee member Coun Keith Linnecor (Lab Oscott) expressed concerns about the level of car parking but said he approved of the scheme.
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He added: “The building I don’t find the most attractive but I think it is impressive when you are coming from Snow Hill.”
The announcement follows the unveiling of the city’s 20-year Snow Hill Masterplan by Birmingham City Council and the Colmore Business District in February.
Covering the Snow Hill and Colmore areas of the city, it provides a framework to create 10,000 new jobs, generate more than 2 million square feet of new office space, and boost the local economy by over £600 million each year.
One Snowhill was completed in 2009 and now has high-profile tenants including KPMG, Barclays Bank and DWF.
Two Snowhill opened in 2013 and has attracted organisations including global law firm Wragge Lawrence Graham & Co and the new construction headquarters for HS2, which will create 1,500 jobs.