Waverley Valley masterplan could give old town facelift.
Developer Mountgrange will find out in mid-2006 if it has permission for a proposed £180m makeover of Edinburgh's old town area.
If successful the Waverley Valley masterplan will see a 200-bed glass-fronted hotel on the Royal Mile as well as 189 residential apartments, office buildings, up to 100 serviced apartments and a 1,300 m2 public square.
The project, designed by Allan Murray Architects, will create a new road called Parliament Way to link a revamped Waverley Station to the Scottish parliament building.
It is estimated the development will create 2,500 jobs and turn Edinburgh's Market Street area into a new cultural quarter of upmarket shops, restaurants and cafes.
However, some locals have knocked the plans after it emerged more than 20 homes will need to be knocked down to build a new walkway linking Canongate with Calton Gate.