“However, we can confirm that one male has passed away,” he added.
“Our inquiries to confirm his identity and provide his next of kin with all the necessary support they may require are ongoing.”
Three other individuals who were injured were taken to Forth Valley Royal Infirmary for treatment.
Police Scotland said they had been alerted at about 18:00 that a building had been badly damaged.
Eleven vehicles were sent including specialist units, the Scottish Fire and Rescue Service said.
Alloa Town Hall has been opened as a respite centre for occupants of the other flats within the address, while gas and electrical work is checked.
Police said they would be “appropriately supported with alternative accommodation” if their homes were not deemed safe to return to.
The fire service said specialist urban search and rescue units and a heavy rescue unit were among the resources it had deployed.
A spokesperson said: “Crews are working with emergency service partners to make the area safe.”
A number of road closures along the A907, B9096, Kellie Place and Tullibody Road that had been implemented by police are in the process of being lifted, but further utilities work may be required, resulting in additional closures they said.
