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Birmingham, so long the byword for architectural abominations, may finally banish its bad reputation with the help of a 44-storey, eco-friendly tower in the city centre.

Ian Simpson Architects has submitted plans for a £28-30m, 150 m high tower that will be second only to Lord Foster's planned 50-storey tower in Elephant & Castle, south London as the UK's tallest residential development.

Known as the Holloway Circus Tower, the glazed building promises to combine aerodynamic design with energy efficiency – a far cry from the city's 1960s concrete blocks.

"It's an ecotower without looking like an ecotower," says Ian Simpson. "It will have a sleek front with an ecological zone at the back." The tower's first five storeys contain retail and office space. These are followed by a double-height sky lobby, five floors of social housing (50 homes), and 24 floors of private two-bedroom flats (144 units). At the top come 16 penthouses spread over four storeys and three triplex luxury apartments, with two garden levels below. Car parking and plant is in the basement.

Simpson adds: "It is imperative that the building is elegant and beautiful. The ratio of height to footprint is obviously fundamental to achieving this." The tower is also designed to consume 40% less energy than a typical block. Nazar Georgis of structural and environmental engineer Battle McCarthy explains: "Renewable energies such as photovoltaics and wind turbines lead to a 20% reduction in energy loss; our design of the structure and use of low and reusable energy appliances also reduces it by 20%." If Birmingham City Council approves the scheme, construction work should start within 12 months. Developer is Beetham Birmingham.