PLANS for what is described as one of the largest developments in Edinburgh city centre for a generation have been submitted for local authority approval despite concerns about the long term impact of the coronavirus on the economy.

The project will involve building around 350 homes along with extensive office space and a hotel on the landmark site of a former Royal Bank of Scotland office complex in the city’s New Town.

Property firm Ediston has led work on the development of the proposal on behalf of Orion Capital Managers, which bought the site in May last year.

READ MORE: Hotel, homes and office plan 'will create 760 jobs' in Edinburgh

Ross McNulty, development director at Ediston, said the backers firmly believe now is the right time to move forward with proposals that will help speed economic recovery in Edinburgh.

He added: “Research highlights the significant investment benefits that this high-quality development would bring to the Edinburgh economy, as well as helping to meet the pressing need for high quality new homes and office space.”

A study commissioned by Ediston found the development would support around 700 jobs in the operational phase and 60 while it was under construction.

READ MORE: Sale of Highland hotel provides boost for sector amid coronavirus crisis

Mr McNulty noted the development would benefit local businesses such as bars, shops, and restaurants.

Ediston and Orion Capital Managers have submitted a planning application for a development that would include 349 homes, 100,000 square feet of office space and a hotel.

A spokesperson for Ediston said the New Town Quarter proposals had been subject to major public engagement with the local community and stakeholders.

More than 2,500 RBS employees worked in the banking giant’s offices on the 5.9-acre New Town site at one stage.

READ MORE: Vast majority of RBS group employees to work from home into 2021

RBS put the site up for sale in 2018 after moving staff to its Gogarburn complex in west Edinburgh.