According to Urban Realm, work on the project will begin next month.
The development, designed by Michael Laird Architects, will be delivered on the site of a former abbatoir. The abbatoir will be demolished to make way for the scheme, which includes a 65-room Premier Inn hotel, as well as an M&S Simply Food store.
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In its planning statement, Ryden, the property consultants, said: "The subject site consists of an unused, unsightly brownfield site which lies adjacent to residential properties and within a mixed use area of St Andrews.
"There is strong, well established planning policy support, at a local, regional and national level, for the redevelopment of brownfield sites within existing settlements. The proposals are sustainable and will make use of a very under-utilised site, located within a commercial area of St Andrews."
(JP/IT)
