The council recently took ownership of Muiredge Cottage and money from the local area budget will now be used to demolish it.
In 2008, the cottage was the scene of a devastating murder, which shocked the local community.
A 49-year-old man was charged in connection with the murders of his son, seven, and his disabled daughter, 25.
The site will now be landscaped and there are future plans for a new road layout to deal with increasing volumes of traffic from future developments proposed for the area.
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The Mid-Fife Local Plan has identified land between Percival Road and Sea Road for major development over a 20-year period.
New homes, a primary school and local facilities are planned, as well as a low carbon investment business park, bringing high skilled jobs to the area.
Chair of the committee, Councillor David Alexander said: "This house has a tragic history and lying empty it has been a painful reminder to local residents of the youngsters who lost their lives there. I’m pleased that we now own the site and have been able to allocate money to make changes the community have been calling for."
Senior Manager in the Business and Strategy Section of the Council, Robin Presswood, also commented: "This is part of a long-term regeneration of the area. We hope to demolish the empty property as soon as possible and will ensure that any disruption to local residents and the community is minimised. Once the site is clear we’ll start work on landscaping the site making the area more attractive for local residents."
(JG/GK)
