According to council leaders, the £260 million proposals will form the backbone of a 10-year inner-city renewal programme aimed at overhauling the Sparkbrook district, in the heart of the so-called Balti Belt.
The scheme, the largest regeneration project in the city's history, also outlines plans for a number of 'iconic landmark developments of regional and national significance' to help rejuvenate the area.
However, the leader of the city council, Mike Whitby, claims the proposals will need around £55 million of government cash to get off the ground.
He said: 'We are creating a partnership between the council, the government and the private sector to help rebuild the worst-hit communities.
'If we receive the backing of the government, the council will then take the proposals to the next stage.'
He added: 'Our plan aims to rebuild Sparkbrook with a vibrant and sustainable local economy of which local residents the whole of Birmingham will be proud.'