The purchase of the 36-acre site is being fully funded by a £5m grant from the UK Government as part of the Stirling and Clackmannanshire City Region Deal – a £214 million partnership between Stirling and Clackmannanshire Councils, the University of Stirling and the UK and Scottish Governments.
It will be carried out in two phases, with around 80% of the land acquired by the end of March and the remainder handed over by the end of June this year, following the completion of decontamination works.
The disused site sits on the south bank of the River Forth and is the largest brownfield area in the city centre with excellent transport links.
Work can now start on its transformation into a prime economic location, with the costs met from a £19m grant the council secured from the UK Government’s Levelling Up Fund.
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Most of the funding (£16m) will be spent on the redevelopment of the former MoD land, including new roads and footways, the demolition of some redundant buildings, site clearance and infrastructure for the likes of power, drainage and communications.
The remaining £3 million will provide new active travel infrastructure between Forthside, the city centre and surrounding areas.
This substantial investment will deliver a new vibrant community in the heart of Stirling that includes housing, commercial development space, enhanced public spaces, environmental improvements and better access to the River Forth.
Stirling Council Leader, Cllr Chris Kane said: "This agreement give us the opportunity to deliver something truly remarkable at Forthside and is fantastic news for Stirling and the wider region.
"We can now get to work on transforming a huge disused site into a vibrant area of Stirling, delivering inclusive economic growth, creating a wide range of job opportunities and harnessing inward investment.
"The redevelopment of the site will be a key driver of the wider regeneration of Forthside with opportunities to develop high-quality and attractive public spaces, green infrastructure and enhanced travel connections across the city that will achieve major economic, environmental and social benefits.
"Achieving this outcome was a supreme collaborative effort and I would like thank everyone involved, across all partners, for their dedication, diligence and drive."
