A one-mile stretch in Tamfourhill, running from from the Falkirk Wheel to Lock 16 at Port Downie, has been earmarked for regeneration in a bid to turn it into an economic, social, and environmentally-sustainable hub.

The ambitious plans to develop Falkirk's canal corridor were officially unveiled at a meeting of Falkirk Council's policy and resources committee.

Councillors gave their backing to the proposals presented by the council and British Waterways Scotland.

The development would see the creation of houses, flats and penthouses, revamped businesses and commercial areas, a marina complex and water space, and mooring facilities along the banks of the Forth and Clyde Canal.

And it is hoped that the exciting scheme will have a knock-on effect on the area's economic potential and deliver a boost to tourism.

Maureen Campbell, the council's director of community services said: "This is a great redevelopment opportunity that could bring many jobs and prosperity to the Falkirk Council area and will see a large area of land redeveloped in a sustainable and economically attractive way.

"We're keen to utilise the experience and knowledge of British
Waterways in our partnership in helping to redevelop an area that was previously considered to be under-developed and of limited economic benefit to the area. Our plans are ambitious, however, we have already seen interest from well-known developers who have expressed their desire for development plans taken forward for the area.

"This ambition coupled with community consultation will ensure that the Tamfourhill area will undoubtedly have some fantastic development opportunities in the next few years."

British Waterways Scotland director Steve Dunlop said: "Located between The Falkirk Wheel, one of Scotland's most iconic visitor attractions, the B-listed Rosebank Distillery and the ground-breaking Helix project, the regeneration site is a strategically-important key in our development of the canal corridor in Falkirk.

"Specifically, it offers an ideal opportunity to dramatically improve the environment around The Falkirk Wheel and enhance the wider local surroundings.

"We are very excited to reach this milestone and look forward to engaging with local communities and stakeholders as we move forward."

Previously contaminated land within the site has now been cleaned and new trees are being planted to create a woodland footpath and cycle network.

The next steps will now including preparing an outline planning application and searching for a development partner. The community will also be consulted during the planning process.

Work could be complete by 2013.