A £20 million package will aim to attract world-class entrepreneurial talent to Dundee.
As part of the city’s waterfront regeneration project, the venture, funded by social enterprise group Our Enterprise, will attempt to create a new design and innovation quarter for the city.
It is hoped the finance will help the city retain its graduate and entrepreneurial talent and attract creative industries, as well as create employment and living opportunities.
Two new city blocks designed by the award-winning architects HTA Design LLP will include a city square which will focus on providing office space to creative business start ups and provide upmarket rented apartments.
The residential properties will be equipped with room for bike storage, a cinema room and gym space.
Dundee City Council and Our Enterprise will now develop joint venture proposals and planning application to allow them to take the project forward.
The council’s city development convener Councillor Will Dawson believes the announcement is further confirmation of a reputation firmly in the ascendancy.
He said: “Dundee waterfront is attracting serious interest as this important regeneration project progresses.
“The city’s profile is already benefiting from our association with the V&A and the award of Unesco City of Design status.
“I am looking forward to the development of exciting plans for the waterfront which will help create jobs and grow the local economy.”
Executive director of city development Mike Galloway said: “I am excited by the plans for plot two and I am looking forward to working with OE on this hugely important development for the city.”
Promising the project would ensure Dundee maintained “a quality environment now and into the future”, the founder and CEO of Our Enterprise, Matthew Bell, said: “We care about delivering projects with a social return and the highest levels of economic and environmental sustainability.
“Dundee’s vision for the waterfront is a perfect match for us and we are thrilled to bring our investment, energy and drive to this groundbreaking project.”
Dundee’s £1 billion waterfront regeneration will include the highly acclaimed V&A Museum, a new railway station and various hotels and restaurants.
The overall development will create around 7,000 jobs and is said to be well past its halfway point, with more than £600 million already invested.