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Work on the 34-storey block will start in October once demolition contractor PJ Careys clears the 1.3-acre Clyde Street/High Street site.
The site is home to a former Safestore industrial facility and surrounding hard-standing car parking. Demolition will get underway next month.
The scheme will provide 288 affordable homes – 141 for social rent and 147 for shared ownership – alongside 193 homes for private sale. A further 9,803 sq ft of commercial space and public realm works are included.
Richard Cook, chief development officer at Clarion Housing Group, said: “With 60% of homes delivered as affordable, including a substantial proportion for social rent, this scheme reflects Latimer’s long-term commitment to inclusive growth and creating places that work for a broad range of people.
“We are looking forward to working closely with Winvic to deliver high-quality homes and a development that contributes positively to Digbeth’s continued regeneration.”