The building, at 42 St Andrew Square, is set to house 50 luxury serviced apartments operated by Lateral City Apartments and coffee house and evening venue operated by Bon Vivant.
A 200-cover bar and restaurant, with an operator yet to be announced, will open in the building's former banking hall with a selection of other retail outlets.
Lateral City Apartments general manager Gavin MacLennan said the company was 'extremely excited' to be involved in the project.
“Although relatively new to the market, Lateral City has firmly established itself at the higher end of the serviced apartment sector, with a number of awards recognising our unique approach. We’re looking to replicate our current ethos in The Edinburgh Grand, which will sit well alongside our existing properties – Old Town Chambers and Merchiston Residence – and will offer an increased variety of options amongst the city’s burgeoning serviced apartment sector.”
Work is currently underway to transform the building, completed in 1942 and used as the global head office for RBS until 2007.
Chris Stewart Group, the company responsible for developing the building, plans to incorporate many of the building's original features into the re-development.
“Our newest project is proving to be one of our most challenging, but also our most fascinating. There are details around almost every corner which we keep uncovering, with a whole raft of original fixtures and fittings still visible," said chief executive Chris Stewart.
The transformation of 42 St Andrews Square forms part of a wider development of the area. Edinburgh Grand will open next summer with other developments to continue.
“The development of the old RBS headquarters is part of a wider plan to create a vibrant, active area in a prestigious part of the city – which has been neglected for a number of years – by providing an attractive and safe environment for all," said Stewart. "This will include the pedestrianised West Register Street and the addition of lights, street furniture and greenery, which will enhance both the ambience and security of the area.
“The overall development will take several years, although we are sure the results will make the wait more than worth it.”