Plans under the scheme include improvements to George Square and Upper Dundas Street as well as upgrades to Glasgow Royal Concert Hall and Buchanan Street. There will also be improved access to Queen Street Station and Cathedral Street Bridge will be strengthened.
The project involves £80 million of public funding through a TIF scheme, which allows a local authority to fund infrastructure improvements by borrowing against the predicted increase in business rates income from the development. The scheme is expected to unlock £310m in private investment and create almost 1,500 jobs, the Council said in a statement.
The Scottish Government gave provisional approval to the scheme in April this year. Final approval was subject to the Council meeting a number of conditions, including accepting all risk associated with the project.
“The Buchanan Quarter project will continue the regeneration of Glasgow and help the city centre retain its position as the biggest shopping destination in the UK outside of London," said Council member Bailie Liz Cameron. "The delivery of the project will bring a massive economic and jobs boost and make our city centre even more attractive to shoppers and visitors."
“Big building projects like Buchanan Quarter are not just about the improved infrastructure we gain at the end, they are about the employment and the training that takes place during construction," said Sturgeon. "This development will continue the regeneration of the city centre, improving the public spaces and creating modern, vibrant new facilities that will cement Glasgow’s position as a major international destination for visitors.
"The Scottish Government will use every lever at our disposal, within our devolved powers, to boost capital spending and through innovative financing schemes such as TIF, help the Scottish economy,” she said.
“The approval of the Buchanan Quarter project demonstrates what TIF is all about - delivering significant investment in infrastructure alongside private development commitment; creating economic activity and jobs in what remain difficult times," said Scottish Futures Trust director of finance Peter Reekie.
