Planning was granted for the 42-storey skyscraper in December 2017
Groundworks have begun on what will become Birmingham’s tallest residential tower, previously known as 212 Broad Street.
Now named the Mercian, the 42-storey build-to-rent block (pictured) will host 481 flats and is set to open in 2022.
Designed by Glenn Howells Architects, the tower is being built by Dublin-headquartered contractor John Sisk, which was recently thrown off the government’s Prompt Payment Code – a voluntary agreement designed to encourage signatory firms to pay suppliers on time – for non-compliance and failing to agree an action plan.
The Mercian development was recently the subject of a £118m loan from US investment bank Goldman Sachs.
The US investment bank agreed the debt facility last month with private equity firm Apache Capital, which is developing the tower on Broad Street in the centre of the city a joint venture with its long-time build-to-rent partner Moda Living.
Richard Jackson, co-founder and managing director at Apache Capital Partners, said: “The Mercian will be unlike any other residential apartment building in Birmingham, not only in its height but in the level of amenity and service on offer.
“There’s huge scope for high quality rental housing in Birmingham, Europe’s youngest city that is attracting major corporate occupiers and considerable infrastructure investment.”
Planning was granted for the skyscraper in December 2017.
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