The developers are lodging a planning application with the City of Edinburgh Council to transform the vacant site into a new residential neighbourhood called 525 Park View.
The 256 dwellings — 25% of which will be affordable houses — will be fitted with smart technology solutions, including individual air source heat pumps to avoid any fossil fuel usage and lower costs for occupiers, in line with the developers’ commitment to sustainability.
The scheme will also feature flexible commercial space, offering potential for cafes, shops and shared workspaces.
In addition, over two-thirds of the development area will be made up of high-quality green spaces, including a large central communal garden, biodiverse green roofs and a wetland area to enhance local ecology while contributing to the wider sustainable urban drainage system.
The new plans follow a consultation programme carried out by the developers with Edinburgh-based 7N Architects and the local community.
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Artisan Real Estate’s regional director for Scotland, David Westwater, commented: “This is a hugely exciting opportunity to breathe new life into an underused building, while ensuring its long-term future by bringing a new sustainable community to an accessible city centre location.
"Following the consultation feedback, we have worked hard to make this development not just the right fit for the site, but also an integral part of the wider city centre area.
“We have reduced the heights of the building from nine to seven storeys and ensured the overall architectural design and materials respect local and historical contexts.
“We [also] have the responsibility to ensure that our developments exceed all current environmental standards.”
Thomas Merkes, head of asset management at REInvest Asset Management, added: “Our joint venture partnership with Artisan represents a major step forward in providing an innovative and collaborative mixed-use development solution to unlock the potential for this significant city centre site.
“Our planning submission for this complex site demonstrates how we can make a positive contribution to the local area, bringing investment, life and excitement back to this important part of the capital.”