Located next to Millennium Point, the Pinnacle is also likely to feature one of Europe’s highest restaurants. Bosses behind the scheme have said building work should start next year and take around three years.

It is hoped it will be officially opened in the run-up to Christmas 2010. The building is set to have six theme park rides as well as a glass lift offering panoramic views of the city. Rides at the tower may include a freefall parachute drop, bungee jump and a seesaw.

The building, to dwarf the city’s current tallest structure, the 498ft Birmingham BT Tower, by 76ft, has been designed by Birmingham and Telford based architects SMC Hickton Madeley.

Design director Tim Warner described it as an exciting project for everyone involved and said it would have a positive impact commercially for the city as well boosting the aesthetics of Birmingham’s skyline.

He said: “We are extremely excited about this project. It will represent the highest building in the Midlands and potentially the highest restaurant in Europe, giving scope and presence to the rejuvenation programme and public connections for Eastside and plans for the new park.

“The project is a clear responsibility and a challenging opportunity and the quality of our approach must be coherent on all levels and carry and comfort all the stakeholder associated and along the way.”

The new building will be clearly visible from surrounding motorways and other roads in the area.

Birmingham City Council regeneration boss Clive Dutton said: “This will dramatically improve the skyline of Birmingham. It has the makings of a project to add something special – a world-class skyline in a world-class city.”

The newly constructed Beetham Tower, at 400ft, is currently the city’s tallest residential building.

By Richard Wyatt

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