Birmingham Council committee members have approved the proposal to build a 61-storey skyscraper in the western part of the city.
To be situated at 100 Broad Street, the 193m-tall skyscraper will be 40m taller than the city’s current tallest building.
Once complete, the tower will be one of the tallest structures in the UK, outside of London.
The structure will house 503 luxury apartments and shops at its ground level.
In addition, the skyscraper will accommodate a gym, cinema theatre and workshop facilities for its residents.
The skyscraper was designed by local architect Glancy Nicholls and is funded by estate investor Euro Capital Investments. A contractor has not been appointed for the tower.
The skyscraper’s top floor will accommodate a restaurant, making it the highest-altitude dining facility in Birmingham.
Councilor Lou Robson said: “We hear this is going to be quite a unique building, certainly in terms of engineering. While I find that interesting, it’s a shame that this level of affordable housing can’t be accommodated.
“If we are making significant buildings it would be very nice to think that all of the population could live in them.”
Robson also expressed concerns about the delivery of only 25 affordable housing units and the lack of parking facilities.
Construction of the structure is set to commence in 2021 once approval from Birmingham Airport is granted. The structure is expected to be completed in 2024.
In 2014, Birmingham City Council unveiled the masterplan of HS2 Curzon Street station, which adds more than 600,000m² of new business space to the area. It also includes plans for 2,000 new homes around the Birmingham Curzon station.