The centrepiece of the project, the new Denny Library, was officially opened on Monday, 05 December.
The library forms the focal point of the regeneration, which will include 10 shop units, an improved car park and a new community-designed town square once completed.
Work is now underway on the demolition of the remaining remnant of the 1960's Church Walk block – the octagonal building.
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Once completed, the remainder of phase 1 works will finish in summer 2017, with the new community designed town square, completion of the car park and the introduction of five public art pieces.
Speaking at the opening of the new Library, Councillor Dennis Goldie said: "We are happy to have reached this important stage in the project and would like to thank the community for their continued patience as we move to the next stage in the development.
"The super new two storey building is the result of extensive community consultation, and we hope that local people like the mixture of bright colours in the design and textures in the design, intended to reflect a positive spirit and a new start for the town centre."
Ian Scott, Chairman of Falkirk Community Trust, added: "At a time when libraries are at risk across the UK, it is such wonderful news that we have secured delivery of this new purpose built hub for the community."
(LM/MH)
