The developer has struck a deal with its finance partner to purchase of the site from multiple owners and proceed with the Upper Trinity Street scheme.
Designed by Corstorphine & Wright, UTS will deliver a blend of rentable and open market sales homes, some with live-work space, a 133-bedroom hotel, 60,000 sq ft of commercial space, car parking and large new areas of public realm across a network of landscaped yards, squares and hidden spaces.
The development of around eight buildings, one rising to up to 31-storeys is expected to create 600 jobs during the construction phase.
Phase one will see the development of a portion of the residential element of the scheme comprising build-to-rent housing.
Damian Flood, CEO at Cole Waterhouse, said: “With the land now successfully acquired, we look forward to the delivery of this major mixed-use scheme.
“Over the course of the next few months, we will be tendering the construction contract for phase one, and aim to start on site by Q3 next year.
“We will also be appointing a real estate adviser to support us with marketing the residential offer both locally and internationally.”
The project team includes project managers Henry Riley and Civils and Structural Engineers Renaissance and Leeds-based Novo Integration as M&E consultant.