The 20-year masterplan for the £700m leisure-led regeneration of Edinburgh's harbour front has been submitted to the city council by developer Forth Ports.

The detailed framework for the 26-hectare site, designed by architect RTKL Associates, includes two urban villages at Leith Docks, two piers, a landmark cultural venue such as an international concert hall, up to five new hotels and new leisure, restaurant and retail space around Ocean Terminal. Plans also include a new cruise terminal and visitor centre for The Royal Yacht Britannia, a new office district, 1,870 homes, a new tram terminus and a marina.

Forth Ports Group chief executive, Charles Hammond, said: “It is important to have a vision in difficult times. Edinburgh Harbour sits at the heart of the largest expansion of Edinburgh for 300 years. It will create a destination that anchors the waterfront development and delivers significant economic benefit to the Edinburgh and Scottish economies. "As a consequence, it creates a platform for the private and public sectors in Scotland to work together for the long term and will help to make Edinburgh a leading waterfront city on the world stage.”

The scheme is expected to contribute an additional £200m to the Scottish economy. Ron Hewitt, chief executive of Edinburgh Chamber of Commerce, said: “This opportunity to launch our capital city into the premier league of European cities which capitalise on their natural environments. Edinburgh Chamber of Commerce believes passionately in this proposal as a key building block in the development of Edinburgh’s waterfront”.

Outline planning permission for the scheme was approved in August 2008 by the City of Edinburgh Council. Creating a sustainable place has been a key consideration in developing the latest plans. The proposed mix of residential, commercial and leisure space is intended to reduce the need for travel and commuting with a new transport interchange and tram terminus also expected to encourage greater use of public transport.