The 118-tonne structure was taken down by Laing O'Rourke and DSM Demolition during the weekend.
The 14-year-old bridge's removal forms part of the £1 billion St James development which aims to create retail space, leisure facilities, new homes and a world-class hotel in the city centre.
New plans for the bridge will see increased pavement space and the implementation of a two-way cycle lane.
Cllr Lesley Macinnes said: "The removal of the Leith Street footbridge marks a visual milestone for the St James development but also signifies moves to create a more relaxed atmosphere to the east of the city centre.
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"Over recent decades, Leith Street has been very much focused on cars rather than pedestrians and cyclists, but before long it will be busy with shoppers, tourists and workers drawn to the revamped east end. By opening up the area for active travel we want to ensure it is welcoming to all visitors and residents, whatever mode of transport they choose."
Martin Perry, Director of Development, TH Real Estate, said: "The removal of the pedestrian bridge on Leith Street is an intrinsic element in our programme of improvements for the east end of the city creating a high quality and much-improved environment, which will better serve Edinburgh's pedestrians, public transport and cyclists for years to come."
The £1bn St James development is scheduled for completion in 2020.
(LM/MH)
