The fine-dining restaurant will have facilities to offer takeaways and space for a new café, as well as outdoor seating space by the river.
Il Pescatore will be located on the ground floor of The Millhouse, a near six-million-pound development being constructed in Bridge Street.
Nixon Blue are the developers behind the new Millhouse apartments, which are a collection of two-and-three bedroom homes set over six storeys. Mr McFadzean said:"We set out to transform the riverside location with the ambition that our residents would be able to live by the water while creating a community hub at The Millhouse.
"The new restaurant will be an asset to our development and to the town as we continue our plans to breathe new life into this riverside location.
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