Sama wants to redevelop 1 Lancaster Circus, originally the headquarters of West Midlands County Council, and put up two high-rise residential blocks.
The developer is proposing a 41-storey tower and a 48-storey tower on the edge of Lancaster Circus Queensway and Lawson Street.
The plans envisage 1 Lancaster Circus being a new gateway from the Gun Quarter and Jewellery Quarter into Birmingham city centre, with open space and a pedestrian corridor as part of the scheme.
Plans also include a gym, spa, cinema and other commercial or leisure facilities.
The site is close to Aston University and the Crown Place student accommodation tower that Winvic is currently building.
Bilal Ahmed, executive chairman and founder of Sama Investments, said: “The proposals will transform an under-utilised site to deliver a flagship scheme for the local area and city.
“The proposals will deliver a mixed-use scheme of residential and much-needed student accommodation and support the continued growth of nearby universities, including Aston and Birmingham City University. Our plans will also help re-establish this location as a destination, offering street-level community uses and green space for residents and the wider community to enjoy, alongside a pedestrian corridor that will connect parts of the city to this area – something that has further been enhanced through the addition of a pavilion to the final plans.”
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