The club says the plans include a new 10,000-seat main stand, hotel, 12,000sq metres of office space, conference and banqueting facilities plus additional residential and commercial units.
It will take Tynecastle’s capacity to 23,000 and create 250 new full-time jobs and 57 part-time posts.
The consultation phase was launched this week with a planning submission set to be lodged in October.
Roman Romanov, chairman and acting chief executive at Hearts, said: "We are very focused on delivering a truly spectacular development for our players, supporters, sponsors, partners and neighbours. The newly developed stadium will ultimately provide an economic boost of at least £1.2m per season to both the immediate area and the wider city economy.”
Hearts also confirmed that, while the club was discussing suitable temporary stadium options with other parties, there remains a "significant possibility" that the team would continue to play at Tynecastle through the entire construction phase, albeit with a reduced capacity.
