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Above - watch our video showing all the artist's impressions of Birmingham Smithfield

A festival square to rival the best Europe has to offer, a new city centre park, a 24/7 markets and food hub complex, two family attraction malls, new hotels and restaurants.

And that’s just scratching the surface of ambitious new plans for Birmingham Smithfield as the wholesale markets make way for a sensational new look.

The development, unveiled today, is expected to deliver more than 3,000 new jobs, and add £470 million a year to the city’s economy.

Council bosses want to work with developers to turn the rundown area into a world-class tourism site to rival Barcelona's Ramblas and London’s South Bank.

Among the highlights of the ten-year plan are:

Festival Square, the size of Centenary Square, will look out to a new museum, culture centres, markets, hotels and leisure opportunities, like ice rinks or family attractions.

Two giant market buildings will house the indoor, retail and rag markets, trading by day then turning into a destination food hub by night.

Pedestrian-friendly boulevards, streets, Metro and sprint routes will link the attractions, and the wider area, to the city centre.

A new city centre park that will be the green heart of the development – included because of public demand.

A new residential neighbourhood with 2,000 homes, a health centre and primary school.

Smithfield Birmingham View fullscreen

John Clancy, leader of Birmingham City Council, said: “With 3,000 new jobs and 2,000 new homes, Birmingham Smithfield puts people right at the heart of an exciting project that will in turn transform lives.

“Over the next decade this will continue at a dramatic pace as new jobs, transport facilities and residential communities are delivered and I’m confident our plans for Birmingham Smithfield will create a place for people that stands the test of time and sets the standard for sustainable development.”

A public square, called Festival Square, is at the heart of the plans, fronting onto two leisure malls, a museum, hotels, and restaurants. Two two giant market buildings, housing the indoor, retail and rag markets and are central to the proposals, which aim to life throughout the day and night.

The proposals form part of a masterplan which has gone on show at the MIPIM property conference in Cannes as the search begins for a partner to fund a multi-billion-pound scheme.

The plans will also include space for start-ups, small businesses and entrepreneurs harnessing the city’s creative talents and driving new economic activity.

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Above - watch our video showing the Wholesale Markets area as it stands

It also includes a residential neighbourhood will be created with a mixture of two, three and four bed apartments, and a park. It also includes a health centre and primary school.

The scheme will also deliver a boost to the Midland Metro, with trams running through and out towards the south of the city, opening up access to Queen Elizabeth Hospital and Edgbaston Cricket Ground.

Andy Street, chair of the Greater Birmingham & Solihull LEP, said: “Birmingham Smithfield is the next fantastic opportunity to secure investment for the city’s exciting growth agenda.

“It will create new jobs, homes and infrastructure. The site’s status as part of the city centre enterprise zone will bring added impetus and over £40 million of funding has already been committed to supporting the delivery of these plans.”

The plans will be launched in Birmingham on March 21 and there will then be an eight-week period of public consultation.

Mark Rogers, chief executive at the city council, said: “The opportunity to create a brand new place at the heart of the city is unique.

“Birmingham Smithfield will have a transformational impact that capitalises on the area’s unique heritage and focus for markets. It will radically enhance the city’s retail, visitor and residential offer.”

In terms of a timeframe, the council would hope to secure a development partner at the end of the year.

That would be followed with detailed plans being drawn up and processed between 2017 and 2018 before early infrastructure begins in 2019.

Transport infrastructure and the markets would be the first work to take place.

Waheed Nazir, director of economy at the council, said: “The big thing for us is whoever we end up going with doesn’t just sit on the land – this needs to happen.

“There’s no point of bringing in a sovereign wealth fund with lots of money but without the appetite to do two or three things at the same time.

“Lots of places have taken 20 or 30 years to do things like this but we don’t want to do that.”

Richard Cowell, head of city centre development and planning at the city council, headed up work on the plans and said it showed major confidence.

He said: “The scale of ambition is big but we know it is deliverable.

“This is a legacy for the city. Once this is delivered and HS2 and Paradise, Birmingham should be taken seriously as a proper international city.”