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The Kingsway is to be restored, but the fire damaged back section to be demolished.
A former cinema and bingo hall which has been closed for over a decade is set to be reborn as a new £5 million mixed-use development.
The Kingsway building, in Kings Heath, was built in the 1920s but it closed in 2007 and was largely destroyed by a fire four years later.
After being bought at auction two years ago, developers are now finalising plans for the future of the building and seeking the views of the local community.
A joint venture development team has been formed by Birmingham-based duo Nestings Group and Redleaf to carry out the regeneration in High Street.
The plan is to demolish the fire-damaged building but retain the striking, grade A locally listed façade at the front and build a new complex, possibly reaching up to six storeys.
Nirmal Vora, a director of Nestings Group which specialises in healthcare projects, said the the final plans for the building would be dictated by the consultation it is holding with the community over the coming weeks.
He said: "We are looking to celebrate what was there and to salvage as much of the building as we safely can.
"We will keep the façade and as much of that core block at the front as possible.