The college building, designed by William Playfair and completed in 1850, will be restored by City & Country while Cala Evans Restoration will retain the north part of the site to construct new-build apartments. Cala said that the collaboration uses the specialist skill set of each company.
David McGrath, regional director of Cala Homes (East), said: “This is one of the most important buildings in Scotland and one of the most prominent in Edinburgh. We are delighted to have reached agreement with a heritage developer of the calibre of City & Country to jointly develop the site.
“For our part we understand the responsibility which comes with redeveloping such a culturally and historically important landmark. That is why we have been so patient in getting to this point to ensure the best possible future for the site.”
The Playfair building itself forms a quadrangle around an internal courtyard and is surrounded by parkland.
There has been a planning permission for residential redevelopment of the site since 2007 which has been subject to subsequent amendments.
Initially the building was an orphan hospital before becoming a specialist school for deaf children. The school retained use of the building until purpose-built new campus opened in Linlithgow in January 2008.