The work at Yeaman Shore for Our Enterprise will see the development of co-working studio space, apartments to rent, small office suites, retail space and a hub area to meet, eat and drink on the prominent site.

Up to 100 construction jobs will be created during the build period with Studio Dundee supporting 250 jobs and attracting a further 150 posts to the city.

Our Enterprise is an innovative development and regeneration company that engages with local communities and other stakeholders to deliver sustainable projects providing real social and economic returns.

Alan Caldwell of Our Enterprise said: “Studio Dundee is designed to retain graduates in the city and showcase the best of Tayside’s creative talent by offering easily accessible workspace with lots of helpful services built into an affordable, monthly membership.

“There are 117 beautifully designed studio, one and two bedroom apartments to rent along with great communal facilities. There will be a striking retail frontage to showcase the best of Tayside’s creative talent in a development where young entrepreneurs can work, stay and play.”

A planning application for the site, currently in use as a temporary car park, was approved last year.

Lynne Short, convener of Dundee City council’s city development committee, said: “It is worth remembering that while we have parking on the site right now, that is and always was a temporary use of a vacant area created as part of the waterfront masterplan and always intended as a place where we could create jobs and generate income.

“The Studio Dundee, work, play, stay concept being developed on the site will generate more of what the waterfront and the wider city needs in terms of new jobs and economic activity.”

Currently up to 80 cars can use the short stay facility and city council parking chiefs have calculated that the Greenmarket car park has sufficient spare capacity to accommodate all of the demand within two minutes’ walk.

Initially the Yeaman Shore car park will close for site survey works between Sunday February 18 and Friday February 23. The following day half of the spaces will be available until Friday March 2.

The next day it will reopen completely but will close permanently in early summer. Dates for the final closure of the car park will be released as soon as possible.

Designed by HTA Design, Studio Dundee will focus on establishing and growing creative industries and entrepreneurial talent, developing a new community where entrepreneurs can work, play, learn and build their businesses in an environment that supports and encourages innovation.

Start-ups and growing businesses will have 24/7 access to co-working space, meeting rooms, break-out areas, a technology lab and high capacity broadband wrapped up in an affordable membership plan.

An accelerator programme will nurture fast-growing businesses, and there will be specific support for innovative new retail businesses. A vibrant social life will centre around The Hub – a food and café offering and residents concierge, including access to The Mezzanine, a multi-purpose communal space for events, networking and exhibitions.

Studio Dundee will accommodate 75 entrepreneurs, provide 3719 sq m of ‘urban studios’, 1400 sq m of prime retail space and 117 private rented flats.

Around 60 high growth businesses are expected to be supported by the accelerator programme and 10 new retail and food businesses nurtured by the Hub.