The Big Lottery Fund Scotland (BIG) has given £823,000 to Calton to build a planned Heritage and Learning Centre and run it for five years.
Campaigners said it was the "best news for years", coming as it did on the back of the announcement of a £100,000 grant from Glasgow City Council.
The award application was made possible by a partnership between Calton Area Association and Thenue Housing.
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The planned centre will be built on London Road by spring next year.
Building is expected to take about eight months.
Charlie Turner of Thenue said: "Calton has made a great contribution to the City of Glasgow and in the 19th century was a powerhouse of industry and commerce. In particular, Calton was renowned for being the centre of the weaving industry which was crucial to the growth of Glasgow as an industrial city. Even today local people remain rightly proud of their heritage."
Betty Cosgrove of the Calton Area Association said: "We are thrilled and delighted. No-one can recall such a significant financial boost to our community. This money will go a long way to helping local people celebrate Calton's proud heritage, but just as important, provide a new and much needed venue for the whole community to use for both learning and social needs."
(NE/GK)
