The work is to stabilise and reopen the steps at the park, which has been closed since January because of landslip problems.
At a full council meeting on Tuesday, councillors heard the results of an investigation by consultant engineers, Ironside Farrar.
At the meeting, three options were outlined. The first involved localised remediation work, the second involved a more extensive area to anchor the affected area while the third involved installing piles along the path edge combined with ground anchors.
Councillors approved option 2, to anchor and extensive area at a cost of circa £170,000.
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Councillor Derek Rosie, the cabinet member for parks and open spaces, said: "We're obviously very worried about further landslips. While it is a lot of money, and at a time when we're trying to find millions in savings, we need to keep people safe. That will involve finding a long term solution to the Ironmills Steps problem. Option 2 will minimise the risk of further works being needed in future.
"It will take some time before all the work is completed. In the meantime, please continue to stay away from the steps and use the alternative route via Old Edinburgh Road and Ironmills Road instead."
The decision to shut the steps in January came just over a year since the steps reopened on a temporary basis and then on a more long term basis as the slope suffered no further movement.
The steps were last closed and off limits to pedestrians from March 2013 to December 2014, again because of landslip problems.
Expert advice sought in 2014
In September 2014, the council agreed to spend around £58,000 in total to take expert advice on the likely causes of the land slip and to provide advice on the options available to stabilise the slope. This funding was also to take measures to reinstate the steps and path at Ironmills.
(MH)
