Birmingham council backs Aston, Newtown and Lozells regeneration
Plans to regenerate part of Birmingham and create up to 5,000 jobs have been approved by the city council's cabinet.
The proposals for Aston, Newtown and Lozells also include up to 1,700 homes, a new business park and better transport links.
A hotel is also expected to be built near Salford Lakes.
The redevelopment, which will be considered by full council next week, is expected to be completed by 2026.
Labour councillor Tahir Ali, cabinet member for development, jobs and skills, said it would be a long-term investment and "very difficult to put a figure on".
He added that 20,000 people had already been consulted over the proposals, which were likely to involve both private and public funding.
Some 3,000 of the jobs are expected to be created at a business park and hotel at Salford Lakes.
The site has been earmarked for use by high-tech manufacturing companies.
Mr Ali said it was important to train local people to make sure they were in a position to take on the new, skilled jobs.
Improvements to transport links include the redevelopment of Perry Barr station and upgrades to the A34.