Under the scheme, the town's Heritage Quarter will see the demolition of a number of buildings and the creation of up to 328 new flats, including 50 affordable homes, a 50-bedroom hotel, new offices, shops and restaurants as well as new community space and parking facilities.
Developer Edinburgh House Estates (EHE) will carry out the regeneration. EHE said it expected the scheme to generate an extra £8m spend per year in the town.
The Council refused previous proposals for the redevelopment in 2010. The committee report (42-page / 306KB PDF) for the revised scheme said that the application had received an "unprecedented amount" of local representation and that changes incorporated in the new proposals had advanced the scheme positively.
The report said that there was "clear national and emerging local support for the over-riding mixed-use development proposed".
"The combination of new and enhanced public spaces, increased activity and natural surveillance, and a balanced mix of uses will stimulate the local economy and contribute to providing a more welcoming and attractive environment to people visiting and living in the town centre," the report said.
Work on the scheme is expected to start early next year and to complete by the end of 2017.
