WHEN the main thoroughfare of central Edinburgh was first built in the late 18th century the master plan by New Town architect James Craig envisaged Princes Street being a grand one-mile-long avenue of houses.
Now a plan to bring back residential dwellings and offices to what is mainly a street of retail outlets has been put forward by the business group Essential Edinburgh.
According to reports, the group is pointing to the competition from the £1bn development on the site of the St James Centre – due to open in October 2020 – as a possible threat to Princes Street’s viability.
Speaking ahead of hosting Edinburgh’s annual tourism summit on Thursday, Essential Edinburgh chief executive Roddy Smith said: “One of the biggest issues for the city is how we develop Princes Street. Everywhere around Princes Street is getting investment and redevelopment at the moment.
“You only have to look at what is happening on St Andrew Square, the new St James development, the proposals for Waverley Mall and the plans for the Johnnie Walker development at the old Fraser’s site.
“Space is at a premium in the city. We have to accept that the city needs to evolve to continue to be a world-class tourism destination.
“Princes Street will have to evolve and respond to the changing needs of the city, around growing tourism, demand for new top-end office space and how the retail sector is changing and developing.”
He told the Evening News: “I don’t see why we can’t turn the upper floors of Princes Street into residential space. There needs to be a serious strategic look at Princes Street and an assessment of the current planning conditions.
“Princes Street is an attractive proposition because of its location and pre-eminence, and its bus and tram connections.
“It’s the main shopping street and I think it always will be, but I think there is a real opportunity for it to evolve.”
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