The new region would be created at the eastern entrance to the town under the council's £67 million Tax Incremental Finance (TIF) initiative.
A £17 million package of infrastructure works has been proposed for the site, which is hoped to stimulate a mix of business, learning and leisure development over 376 acres.
The proposed area takes in sites that encompass the Gateway, Falkirk Community Stadium, land earmarked for the new £70m Forth Valley College campus and the home of the iconic Kelpies; Helix Park.
Low carbon technologies will be used to build a sophisticated infrastructure across the area, allowing further development, supporting traffic flow and attracting private investment.
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Proposed infrastructure features include the UK's first circular elevated pedestrian and cycle crossing to support the road network upgrade connecting each of the Gateway sites.
Another key aspect is the development of scenic waterways along landscaped pedestrian pathways which will also provide sustainable urban drainage.
Funding from the council's £67m TIF scheme and other external sources will fund the infrastructure programme by borrowing against future business rate income expected to be generated by the resulting regeneration and development around the Gateway area.
Council Leader Craig Martin said: "These exciting plans for a new sustainable urban quarter signal another step in the transformation of Falkirk's economic fortunes. The Gateway is a prime site to attract jobs, investment and development for our area.
"With the huge and growing appeal of the Kelpies, the Community Stadium facility and the forthcoming College campus there's huge investment potential for developers across tourism, business and leisure.
"Through the Falkirk Tax Incremental Finance initiative, we have the lever to prepare the site for development and create the connections needed to support expected traffic flow and the footfall."
The first phase of the infrastructure works programme will focus on enabling works to form an extension of the town towards Helix Park and the Stadium, within a zone that supports the new college works.
Development is due to commence in 2017.
(LM)
