Councillors yesterday voted to pursue the City Development Framework plans which are designed to help the city build on its strengths to become an economic and cultural powerhouse at the heart of Scotland.

Three initial projects identified as key to the plans include a new Digital District in the heart of the city with a Digital Hub as a focal point; a Civic Quarter at Forthside with a new Council office building, a Civic Square and a new international visitor attraction; and a Grow-on Space to support small and medium sized businesses.

Councillors believe these projects have the potential to generate more than £80m per year for the Stirling economy and create 1700 jobs.

There are further plans, still being developed, to regenerate the Mercat Cross area of the city with a City Market and education, retail and cultural opportunities; plans for a new Conference Centre; the development of a new City Park in the shadow of Stirling Castle; and plans to develop the River Forth as a key tourist and leisure resource.

The City Development Framework is designed to build on the council’s other projects and initiatives aimed at driving economic improvements and delivering a better quality of life across the area, including significant investment in housing and transport, the development of the Stirling Sports Village, a new multi-partnership cultural strategy for Stirling, regeneration projects and a renewed rural economic strategy.

The council’s vision is to make Scotland’s ancient capital a centre of innovation and excellence for key sectors, a thriving cultural hub, and a vibrant and cosmopolitan place to live and work. They have been working closely with communities, key partners and the Stirling City Commission to come up with projects that make the most of the city’s existing assets.

There will now be formal consultations with the UK and Scottish Governments and other potential investors on the funding of the £200m plans. The council will be holding a series of investment roadshows in the New Year to outline the plans for UK and foreign investors, and the plans themselves will go on display across the Stirling area from January.

Johanna Boyd, council leader and chair of the Stirling City Commission, said the plans would help revitalise the city and region and tackle inequality, and were about much more than infrastructure alone.

“We need to challenge ourselves to ensure that Stirling becomes a truly world-class city with benefits for all our citizens, particularly those most in need, and this is what the City Development Framework is designed to do,” she said. “It is as much about creating connections; linking rural and urban, enabling and working with our communities, and making sure that the entire Stirling area is a place of enterprise and opportunity for all.”

Stewart Carruth, Stirling Council chief executive, said the plans were vital for Stirling to compete globally.

“Stirling compares well with other Scottish cities but our aspiration is to benchmark ourselves against the best in the world – cities like Stockholm that use their size, ambition and educational and technological assets to drive economic growth and generate wealth and prosperity for all their citizens,” he said.

“Stirling is uniquely placed to realise this ambition through the City Development Framework.”