The multi-million pound project will provide hundreds of jobs as well as a significant boost to the entire regeneration process.
The initiative will see more than 50 acres of town centre space redeveloped in plans that were first granted planning approval in 2009.
Main developments of the proposals include a vastly improved shopping and retail centre, with a major new food store, petrol station and local shops. It will be supported by more than 400 high quality affordable homes as well as the creation of a new commercial and civic heart for the town, including offices, commercial units and a new town square.
A number of open green spaces and improved streetscapes are also included in the plans and will link the town centre to regeneration projects which have already been successfully completed, such as the iconic art deco White House building, two new primary schools sharing a joint campus and the Council's new neighbourhood office and public library.
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Central to the new plans will be the building of a new state-of-the-art community high school to replace the existing Castlebrae High School. In March this year, the council reconfirmed its commitment to a new school in the town centre, to be completed by 2020.
Chair of PARC, Councillor Frank Ross, said: "The transformation of Craigmillar town centre will set another significant milestone in the regeneration process and will provide a central focal point bringing together all the new developments in the area.
"PARC's integrated plans will create a new heart for Craigmillar by revitalising the town centre and giving the wider area a strong identity and distinct sense of place - whilst at the same time creating a range of employment and social opportunities for local people.
"We are now looking forward to working closely with the Craigmillar community and stakeholders across the city to make this exciting vision become a reality."
PARC will now progress with the town centre redevelopment as a single, lead entity. The urban regeneration company forms a joint venture bringing developers The EDI Group and The City of Edinburgh Council together with groups and representatives from the local Craigmillar community.
(JP/CD)
