Independent experts assessed the plans, revealing the work will deliver a £41.9m cash injection to the local economy through the £20.4m construction value and £21.5m worth of economic output.
There will also be £757,000 as part of S75 developer contributions to improve schools, leisure facilities and infrastructure while creating much-needed new homes. The local authority is estimated to receive an extra £290,000 through additional council tax revenues.
CALA Homes is delivering the project, which will see the iconic school building transformed into 87 refurbished contemporary one to four bedroom apartments.
Philip Hogg, Sales and Marketing Director at CALA Homes (East), said: "We're committed to developing communities rather than simply building new homes.
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"The construction sector has a pivotal role to play in building and sustaining local communities from helping local trades to thrive and creating jobs through to helping independent shops to prosper.
"Given the sensitive nature of this refurbishment project, we have carefully selected specialist subcontractors, some of which are local, who bring extensive experience and expertise to this development.
"We are proud that our work can bring benefits for both people that choose to live on our development and also to the wider Bruntsfield community."
The detailed report suggests the economic windfall for the surrounding community would be delivered in three distinct areas - construction benefits, local community benefits and local authority revenue benefits.
Operational benefits from the work include an estimated £570,000 spent by buyers making their house 'feel like a home' by adding their own touches with another £1.75m likely to be spent in local shops.
The report also states that 30 full-time jobs will be created in the local area as a result of increased expenditure from those moving to CALA's development.
Philip added: "We're delighted to be investing in Edinburgh and believe our plans will have a positive effect not only by renovating a building of local importance but also by improving infrastructure for the existing community.
"Our track record in the area shows that by engaging with the local contractors and community throughout the design process, we are able to translate our building projects into significant investment in the local area."
(CM)
