The move, which comes as joint venture partners Hargreaves Land and Fintry Estates have reached agreement with Falkirk Council, paves the way for a planning application in late summer 2023 for the 27-acre residential and commercial scheme at Falkirk Gateway.
The development will see an area to the east of the town, adjacent to the new Forth Valley College and Falkirk Stadium, transformed with an 'ambitious' scheme featuring a mix of 100 new homes, a pub/restaurant and a 120-bedroom hotel.
More than 120,000 sq. ft. of commercial floorspace to provide retail and leisure facilities, are proposed as part of a package of initiatives that will support the ongoing regeneration and development of Falkirk over the coming few years.
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News of the agreement signals a further boost for plans to create new opportunities for the local economy and upwards of 400 full and part-time jobs in the construction, retail, office, and hospitality and leisure sectors over the next 15 years.
The Council is also carrying out a programme of major road improvements to support the Falkirk Gateway, including upgrading roads around Falkirk's Westfield roundabout in a multi-million-pound investment to improve the flow of traffic in and around the area.
If the developers' plans get the green light from Falkirk Council's planning committee later this year, onsite work is expected to start in the second half of 2024 with completion of the scheme anticipated in 2026.
Councillor Cecil Meiklejohn, Leader of Falkirk Council said: "This is a significant step forward for the economic regeneration of the Falkirk area and brings massive investment as well as hundreds of jobs. It will transform an area that has been empty for many years and we look forward to seeing the delivery of the project by 2026."
Duncan McEwan, director at Fintry Estates, who is a former pupil of Falkirk's Graeme High School and the project lead, said: "I'm very proud and excited to be working back in Falkirk, investing in the area and contributing to another significant chapter in the town's long and illustrious history."
David Anderson, group property director at Hargreaves Land, added:
"We are delighted to secure an agreement with the council, which sees our ambitious plans set to move to the next phase. We are working with Fintry as JV partners to bring forward a fantastic scheme that will deliver new homes and growth for Falkirk, with new jobs and prosperity to follow for years to come."
