The King Kong replica statue famously stood next to Birmingham's Bull Ring shopping centre in the 1970s.
Back then, the original statue stood at six metres tall, now King Kong will loom over the city at seven metres tall.
Original sculptor Nicholas Monro and his family gave their blessing for the sculpture to be recreated and returned to Birmingham.
The new and improved King Kong back is located in a pop-up park - King Kong Park at Great Hampton Row near the Jewellery Quarter - which has been created to celebrate the Commonwealth Games.
Marcus Hawley, managing director at Cordia Blackswan, who have worked on the project, said: "Birmingham holds a very special place for us as a developer, and we are committed to supporting the city in realising its ambitions to be a world-class destination.
"The Commonwealth Games presents the perfect opportunity to bring King Kong home, with Birmingham on the global stage.
"For those of us that remember the original Kong, it's time to celebrate the 50th anniversary of his first visit to the city.
"While it's an honour to bring a piece of Birmingham's history back to life, we hope people will 'go ape' over the park we're creating, bringing the community spirit back to Great Hampton Row."