A series of actions have recently been approved by the council which will allow the completion of the southern extension scheme.
Work on the project was suspended in July 2015 due to issues around how to work around the Edinburgh Glasgow Improvement Programme (EGIP) scheme at Queen Street Station.
Land Securities Buchanan Limited (LSBL) undertook a full review of the scheme after it became apparent both the EGIP and extension could be not delivered in tandem.
In late 2016, Ministers instructed Transport Scotland to further review the potential of both EGIP and a reconfigured Buchanan Galleries extension scheme to be delivered. As a result, a number of options were considered by LSBL, Transport Scotland and Network Rail, with the process supported by Glasgow City Council and the Scottish Futures Trust. These actions were approved by the council on Thursday, 15 June.
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Work will now begin on the extension in 2018, with completion in 2019.
The wider extension of the Buchanan Galleries is being delivered through a TIF (Tax Increment Finance) scheme - the Buchanan Quarter TIF. Feature of the scheme include:
• lever in £310 million of private sector investment;
• create around 1,500 jobs to the city
• bring £36 million of extra economic activity to Glasgow each year
• deliver a 392,000 sq ft expansion of the Buchanan Galleries
• enable up to £80million of public infrastructure works and public realm improvements
• create a new 1500-space car park at Queen Street Station with 35,000 sq ft of associated retail units; and
• provide 50,000 sq ft of new retail development at southern end of the existing Buchanan Galleries site.
Council Leader Susan Aitken said: "The council's approval of these actions allows for the southern extension of the Buchanan Galleries to go forward while work on the EGIP scheme at Queen Street Station continues.
"In taking this decision, we are looking forward to significant economic benefits and opportunities for the whole city, as we work to make Glasgow city centre an even more attractive location for visitors and investors.
"We will work with the developer to ensure that everyone can enjoy new and existing fantastic features of the Galleries, including the steps, one of the city's most popular public spaces."
(LM/MH)
