A huge redevelopment around the HS2 project, creating 14,000 jobs, 2,000 homes and worth up to £1.3 billion a year to the economy, is being announced by the Government today.
Transport Secretary Patrick McLoughlin is launching a regeneration body that will drive economic growth around the Curzon Street HS2 city centre terminus in Birmingham.
He is also announcing the location of the high-speed rail project's construction HQ, which taken together sees the creation of a large number of jobs, significant regeneration of the city centre and a massive economic boost to the city.
The Birmingham Curzon Urban Regeneration Company will lead the development of over 140 hectares of land around Curzon Street in the heart of Birmingham city centre.
To accelerate the regeneration of the Curzon Street site, the area's Growth Deal, the agreement which sees central government funds allocated to local projects, will deliver a further £130 million and help bring forward work to extend the Midland Metro.
The planned extension will bring tram services into the heart of the Birmingham Curzon area and link the HS2 terminus directly into the local transport system.
The HS2 HQ will be in Birmingham and will house up to 1,500 HS2 Ltd employees, and the first phase is expected to open in 2015.
Some employees will move their base from London to the new HQ but the majority will be brand new, highly-skilled jobs for the city.
Mr McLoughlin said: "HS2 is a vital part of our long-term economic plan. By locating the new HS2 engineering HQ in Birmingham we are bringing skilled job opportunities into the area, spreading HS2's benefits beyond those using the new rail line.
"It is great news that Birmingham City Council has created a company specifically to focus on the regeneration opportunities created by HS2. It will bring new investment and work into the city, helping secure the future prosperity of the region and the country."
HS2 chairman Sir David Higgins said: " The lasting impact of HS2 will, in the end, be determined by how successfully local authorities and regions use it as a catalyst to transform and develop not just their economies, but also the look and feel of the areas it touches.
"The Birmingham Curzon Urban Regeneration Company will, therefore, be hugely important both for Birmingham and the rest of the West Midlands."