Developer Moda Living and its joint venture partner Apache Capital Partners are behind the plans for the redevelopment of the 1.5-hectare site at Great Charles Street.
According to Moda Living, the site will be transformed into "a thriving neighbourhood with new homes, shops, amenities and vastly improved public realm."
The firm said that the scheme would cater for "a wide-ranging demographic including professionals, downsizers, sharers and families."
Onsite facilities would include gyms, green spaces, roof terraces, communal lounges, and workspace.
Referring to the build-to-rent market, Richard Jackson, co-founder and managing director of Apache Capital Partners, said: "Despite the wider disruption caused by COVID-19, the sector remains highly attractive thanks to its defensive qualities and strong fundamentals, with a clear mismatch between demand and supply.
"Looking specifically at Birmingham, the fundamentals remain sound, combining a prime site location with one of the youngest populations of any large city in Europe, significant infrastructure investment and a growing number of large employers. Together these will all support structural demand for high quality rental housing."
The planning application has yet to be published on the Birmingham City Council website.
In February, the council approved plans for a 37-storey "super slender" tower nine-and-a-half metres wide, in line with a recommendation from planners who advised that the scheme's benefits would outweigh "less than substantial harm" to heritage assets.