BIRMINGHAM city council has unveiled a major development around the proposed HS2 station near Curzon Street which it says could create up to 14,000 jobs.
Regeneration of the 141-hectare site in Birmingham city centre would include around 2,000 new homes and more than 360,000 sq metres of office space.
The council has estimated that the development, believed to be the largest regeneration project associated with HS2, could boost the local economy by £1.3 billion annually.
The new station is to occupy a site on the eastern fringe of the city centre, near the existing Moor Street station and only a few minutes' walk from New Street.
Council leader Sir Albert Bore said: "We're not waiting around for HS2 to get built before we get started.
"We're announcing our plans today, and we're ready to start building as soon as the new railway gets the green light.
"Up and down the length of HS2 there is huge potential for major regeneration and development and we must press forward with this project without delay."
The commercial secretary to the Treasury and chair of the HS2 Growth Taskforce, Lord Deighton, claimed the project highlighted the 'transformational value' of HS2.
He said: "The legacy of our new north-south railway will not only be a railway fit for the future, with better connections to cities in the north, but also regeneration and economic growth for Birmingham, Manchester, Leeds, London and everywhere in between."
Waheed Nazir, director for planning and regeneration at Birmingham City Council, added: "The masterplan sets out the city council's aspirations for the new HS2 terminus station and the huge regeneration potential that surrounds it.
"The potential of HS2 can only be realised if we build a world-class station that seamlessly connects people to the rest of the city centre."
In a separate development, a group which includes the Woodland Trust and the Chilterns Conservation Board is writing to the Prime Minister calling for an additional HS2 tunnel, some 10km in length, to protect an ancient woodland near Wendover in Buckinghamshire.
The group, which also includes Buckinghamshire County Council and Amersham MP Cheryl Gillan, said the destruction of part of Mantles Wood would be irreversible. It has estimated that the tunnel would add £200 million to the cost of HS2.
Woodland Trust policy director Hilary Allison said: "There is absolutely no excuse to bring a tunnel portal up in the middle of an irreplaceable ancient wood.
"To tunnel the full length of the Chilterns is a relatively small extension to current proposals for huge environmental gain. Ancient woodland is a unique and irreplaceable habitat, widely recognised as having national importance, and no amount of new planting would ever fully compensate for its loss.
"This tunnel is a sensible option and we hope to see Government and HS2 Ltd give it proper consideration."