University chiefs have unveiled campus development plans which could see 500 jobs being created in the area.
Proposals worth £24 million by the University of St Andrews as part of the Tay Cities deal would result in the new posts being made at the Eden campus in Guardbridge.
The bid is part of a £1.84 billion package for more than 50 projects across Tayside and North East Fife as part of the Cities Deal.
Projects earmarked for the bid include a zero carbon integrated energy community, an enterprise centre and a location for a “living lab” environment.
The Cities Deal investment would see the redevelopment of an additional 5500 square metres of existing derelict buildings.
It is predicted that the funding could unlock up to £75m of other inward investment within the first five years from a mixture of industry and private sector investors.
University quaestor and factor Derek Watson said: “With Tay Cities Deal help, we can continue to redevelop buildings and provide the necessary infrastructure to co-locate exciting new industry alongside academic expertise from across Scotland.
“Our plans for Eden campus are ambitious but with help from our partners in the Tay Cities region and government support, we believe we can make a genuine contribution to the government’s strategic objectives and society as a whole.”
Scottish Liberal Democrat leader and North East Fife MSP Willie Rennie said: “This is a strong bid which would build on the existing investment. The university’s redevelopment of Guardbridge has my full support.”
SNP North East Fife MP Stephen Gethins said: “I am delighted that the university has taken this step; its continued commitment to the Eden campus project is great news for the local economy and surrounding communities.”
Councillor Tim Brett said:“I sincerely hope the University of St Andrews is successful with this funding bid. There is so much potential for job creation and training opportunities at Eden Campus that will benefit not only the village of Guardbridge but the whole region.”
Councillor Bill Connor said: “I wish the University success in this bid to the Tay Cities Deal. The redevelopment on the Eden Campus in Guardbridge is already bringing benefit to the village and has the potential to create 500 jobs, which can only be a success for the whole area.”
The university has already invested £25 million in a green energy centre at Eden campus which pumps hot water four miles to St Andrews to heat university buildings.
More than 350 university staff are to relocate from St Andrews to the Eden campus in 2018.