UK Transport Secretary Patrick McLoughlin is launching a regeneration body that will drive economic growth around the Curzon Street HS2 city centre terminus in Birmingham.
He is also announcing the location of the high-speed rail project's construction HQ, which taken together sees the creation of a large number of jobs, significant regeneration of the city centre and a massive economic boost to the city.
The Birmingham Curzon Urban Regeneration Company will lead the development of over 140 hectares of land in the heart of Birmingham.
To accelerate the regeneration of the site, the area's Growth Deal, the agreement which sees central government funds allocated to local projects, will deliver a further £130 million and help bring forward work to extend the Midland Metro.
The planned extension will bring tram services into the heart of the Birmingham Curzon area and link the HS2 terminus directly into the local transport system.
The HS2 HQ will be in Birmingham and will house up to 1,500 HS2 Ltd employees, and the first phase is expected to open in 2015. Some employees will move their base from London to the new HQ but the majority will be brand new, highly-skilled jobs for the city.