Council chiefs have unveiled a masterplan to create up to 14,000 jobs on land surrounding a new station serving the proposed HS2 rail line.
The planned regeneration of the 350-acre site in Birmingham city centre would include around 2,000 new homes and more than 360,000 sq m of office space.
Birmingham City Council estimates that the development, believed to be the largest regeneration project associated with the HS2 line linking London with the north of England, could boost the local economy by £1.3 billion per year.
The new Birmingham Curzon station would occupy a site on the eastern fringe of the city centre, near an urban park which opened in 2012.
Pledging that the masterplan would be put into action as soon as the £42 billion HS2 scheme was given final approval, Sir Albert Bore, leader of Birmingham Council, said: "We're not waiting around for HS2 to get built before we get started.
"We're announcing our plans today, and we're ready to start building as soon as the new railway gets the green light.
"Up and down the length of HS2 there is huge potential for major regeneration and development and we must press forward with this project without delay."
The Commercial Secretary to the Treasury and chair of the HS2 Growth Taskforce, Lord Deighton, claimed the project highlighted the "transformational value" of HS2.
The former head of the committee which organised the 2012 London Olympics said: "The legacy of our new north-south railway will not only be a railway fit for the future, with better connections to cities in the north, but also regeneration and economic growth for Birmingham, Manchester, Leeds, London and everywhere in between."
Birmingham Curzon would serve as the city's HS2 hub, linking phase one of the project from London to Birmingham, and phase two northwards to Leeds and Manchester.
Waheed Nazir, director for planning and regeneration at Birmingham City Council, said: "The masterplan sets out the city council's aspirations for the new HS2 terminus station and the huge regeneration potential that surrounds it.
"The potential of HS2 can only be realised if we build a world-class station that seamlessly connects people to the rest of the city centre."
HS2 Ltd chief executive Alison Munro said: "We welcome the launch of the Curzon Street Masterplan which shows an exciting vision of how the area around the Curzon Street station can be developed and transformed.
"This is exactly the kind of ambitious plan that will stimulate the public-private sector partnerships needed to unlock investment. HS2 offers a great opportunity for investment and jobs around the station, and for the wider region.
"We are committed to working closely with Greater Birmingham partners and the local Eastside and Digbeth communities to bring this scheme to life and to help ensure that the most is made of the opportunities that HS2 brings."