Tiger Developments and Interserve have broken ground on the next phase of the development in the west of the city.
The project consists of building office, retail and leisure space including a hotel and an apart-hotel.
The first office H5 building is due for completion in 2018.
Cllr Gavin Barrie said: "It is very welcome news that this key 'Edinburgh 12' site has reached such a significant milestone today. The Haymarket Edinburgh is helping create real momentum in the area alongside other large-scale speculative office developments being built. With it's prime location next to Haymarket station and tram stop, The Haymarket will bring thousands of jobs to the city during construction and once complete.
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Graham Haydon-White, development director at Tiger Developments, added: "The importance of this cannot be underestimated, not only are we placing a ceremonial spade in the ground to mark the unprecedented removal of original tunnel earthworks dating back as far as 1840.
"It also clearly demonstrates our full commitment behind this landmark scheme as it advances towards phase one delivery in 2018. With the stage one build contract now in place, we are uniquely placed ahead of any other major mixed-use development in the capital."
(LM)
