A 750-million-dollar program in Birmingham to transform what is currently Britain's biggest wholesale market complex was announced Wednesday.

The wholesale markets, spanning more than 31,000 square meters, will be moved to a new home in the city to create an area to be known as Birmingham Smithfield.

That will mean a return to the historic name for the area, dating back almost 200 years when the Smithfield cattle and horse market was established. The old livestock markets disappeared many years ago to make way for new ring roads and redevelopment projects.

Moving the current wholesale markets will pave the way for a 10-year plan to utilise the land next to the city's main shopping center, which already attracts more than 40 million visitors and generates 3 billion US dollars a year for the Birmingham economy.

The proposed redevelopment, covering over 14 hectares of city center land, will comprise a new public area as a new focal point with retail markets, to be known as Market Square. There will be leisure facilities as well as 1,000 homes, creating over 100,000 square meters of new floor space. The development is expected to create 3,000 jobs and add more than 700 million US dollars a year to the local economy.

The leader of Birmingham City Council, Sir Albert Bore said: "Birmingham Smithfield presents a once in a generation opportunity to build upon our recent successes and deliver a truly unique asset for the city."

"Birmingham Smithfield will create a vibrant new destination -- adding to the city's reputation as a top visitor destination and a great place to live and do business."

The city's Midland Metro tram system will be extended into the site and bring Birmingham Smithfield within minutes of the proposed high speed rail terminus.

An extensive public consultation exercise has been launched Wednesday to give citizens and businesses a chance to comment on the ambitious project.

The Smithfield site was once occupied by the De Birmingham family who gave their name to what would over centuries transform from a small village into Britain's second biggest city. The family manor house, surrounded by a moat, was eventually cleared to make way for the original Smithfield Market which opened in 1817.