The educational charity, which focuses on nature, said the East Dock street site would not only be a “powerful symbol of regeneration,” but it would help create 200 jobs and contribute £27m a year to the regional economy.
It said on its website that the attraction would include walled gardens and draw on the history of Dundee’s Nine Incorporated Trades.
Eden Project Dundee will also be themed around nine new “Guilds” – including healers, growers, navigators and myth-makers.
The location choice came after the charity identified it as its preferred site after a six-month feasibility study.
It has since signed a memorandum of understanding with the owners National Grid and SGN to explore the practicalities of converting the former Dundee Gasworks on East Dock Street into the Eden Project’s home in Scotland.
David Harland, Eden Project International Chief Executive, said: “This is a really exciting moment for the Eden Project and the City of Dundee. The former Dundee Gasworks site is by far the best location for our Scottish home and we’re delighted to have a formal agreement in place to start working on a detailed plan.”
Councillor John Alexander, leader of Dundee City Council, said: “It truly is an incredible project, which will wow city residents and visitors alike. What Eden has envisaged is the transformation of an industrial site into a world-class attraction with a focus on the environment and sustainability.”
The original Eden Project, located near St Austell in Cornwall, opened in March 2001 and attracts about one million visitors a year.