Atmore Properties Limited and contractor Easy Living Developments have started working on the North Street site, which will transform the area as well as create room for a number of new retailers and restaurants.
It is expected the development will create jobs for around 100 people and be finished by the end of the year.
The site was previously home to the recently relocated social club CISWO.
-- Advertisement --
Cllr Altany Craik said: "This is the largest town centre investment in Fife in over 20 years, and excellent news for local people, communities and businesses.
"We're committed to supporting the on-going regeneration of Glenrothes town centre and are looking forward to seeing the completion of this exciting development. This is the most significant town centre development in Glenrothes for many years."
Charles Shepherd, Managing Director at Atmore (Glenrothes) Limited, added: "We have worked closely with the Council and CISWO over the last three years to create an exciting masterplan, which will benefit the town and its residents.
"Relocating CISWO to its new facility has unlocked the land upon which we will create a new vibrant development for residents of Glenrothes and beyond to enjoy."
(LM)
