£6.5m of funding has been contributed to provide new retail units, a new library, a new town square and additional parking.
The Council has also emphasised its intention to work closely with the Denny community throughout the consultation period.
Plans include the construction of new commercial units in Stirling Street, to enable existing retailers to maintain a presence in the town centre.
Development sites will also be marketed to secure additional shopping.
Leader of Falkirk Council, Cllr Craig Martin, said: "Denny has waited too long for this redevelopment and if the market cannot deliver this project, Falkirk Council will.
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"Our new plans reflect previous views expressed by the community. They will see a transformed town centre – demolition is now happening and we aim to create a new public space in the heart of Denny; retail units and a new library – facilities the community of Denny really need.
"Importantly we want the views of the Denny community to influence the final design of our scheme. Prior to submitting our planning application we will consult with the community and will listen carefully to what residents have to say."
Details of the Councils new plans also include securing planning approval for the new scheme, completion of the acquisition process and further demolition/relocations, provision of a first phase block on Stirling Street, accommodating existing retailers and a Library, with associated improvements to parking and public realm, and marketing of the remainder of the site to other interests.
The Council recognises that there remain substantial risks with the project but believes that delivery of the project to boost the economic future of the town centre takes precedent.
(JG/GK)
