The City Council’s £80m Tax Incremental Financing (TIF) scheme is expected to produce £310m in private investment and create almost 1,500 jobs, according to Holyrood.
The plans include improvements to George Square and Upper Dundas Street, to be completed before the city hosts the Commonwealth Games in 2014.
The Royal Concert Hall and Buchanan Street will also be upgraded, while the Cathedral Street bridge will receive strengthening works and access to Queen Street station will be improved.
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Deputy First Minister Nicola Sturgeon gave the final approval for the plans. She said: “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.
"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."
Bailie Liz Cameron, Executive Member for Jobs and the Economy at Glasgow City Council, said: "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.
"Buchanan Quarter is a huge vote of confidence for Glasgow, underlining the faith investors are showing in the city. Another example of this confidence is the fact that all of the retail units in the new 185-221 Buchanan Street development are pre-let, ahead of its opening next year."
(IT/CD)
