Plans to move forward with a canal side development in Falkirk have taken another significant step forward as members of Falkirk Council's Economic Development Committee backed plans to form a joint venture between Falkirk Council and British Waterways Scotland and commence a marketing plan for the regeneration opportunity.

The committee heard how the partners aim to regenerate and redevelop a site in the Tamfourhill area running from The Falkirk Wheel Loch 16 on the Forth and Clyde canal at Port Downie.

If given the go-ahead, the 40-acre site would be transformed into a vibrant canal community and feature a mixed residential development (low and high density housing) with commercial use (shops/restaurants) and a new marina.

The site is heavily contaminated being the location for both a chemical and tar works however part of the area has recently been extensively remediated with trees and grass planted to improve its appearance.

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One of the key aspects of the development is its commitment to being sustainable and would involve community consultation prior to work beginning.

The collaboration between British Waterways Scotland and Falkirk Council will, following marketing of the regeneration opportunity during 2009 bring in a development partner to take the project forward and identify the most suitable opportunities. Following developer selection, consultation will take place and it is hoped that work could commence on site in Spring 2012.

Cllr Craig Martin: Convener of Economic Development said: "This development will transform the Tamfourhill area and bring in many additional benefits such as employment opportunities as well as environmental improvements.

"It's an ambitious plan but working closely with British Waterways Scotland as well as our development partner, we are confident we can make a big difference to this area that is currently in a poor state of repair."

He added: "Businesses who will be affected are important and measures will be put in place to ensure that the maximum support is put in place to assist them and that we listen to their views. Similarly, we will also take on board fully the views of the local community during our consultation phase."

A further report for consideration will be brought to the Policy and Resources committee to finalise the agreement between British Waterways Scotland and Falkirk Council.