Officials at Birmingham City Council have said the skyscraper should be given the green light subject to a Section 106 agreement being signed by the end of the month.
The tower will stand 193m tall and provide 503 flats alongside a gym, cinema, rooftop terrace, co-working space and restaurant.
Backed by Euro Property Investments, the scheme would be erected on the site of a disused office building at 100 Broad Street, opposite the Five Ways leisure centre.
The developer successfully argued to the local council that the scheme would be unviable if it provided 35 per cent affordable housing – the default amount under local planning rules.
A report by planning officials at Birmingham City Council reveal: ‘An offer of approx £2.4 million, equivalent to 5 per cent, is now proposed and the applicant accepts that this should be used to provide on-site affordable home ownership.’
Sport England had also asked for a £480,000 contribution towards local facilities, but planning officers considered this request to be ‘unreasonable’, due to the level of amenity for residents provided in the tower.
The tower will feature a staggered top, with its northern element standing at 59 storeys and the southern element, with angular corners, reaching to 61 storeys.
Birmingham’s tallest building is currently the 152m-high BT Tower, but that will be dwarfed by 100 Broad Street.
Renzo Piano’s Shard is London’s tallest tower at 306m, while the Burj Khalifa in Dubai is the world’s highest at 828m.
Glancy Nicholls proposals for 100 Broad Street Birmingham – sky lounge