Newsletter - Links - Advertise - Contact Us - Cookies
 

Funding approved for Glasgow's Buchanan Quarter

Bookmark and Share | Send to friend

October 25 2012

Funding approved for Glasgow's Buchanan Quarter
The Scottish Government has approved a controversial £80m Tax Incremental Financing scheme in a bid to leverage as much as £310m of private sector investment in and around the Buchanan Galleries.

Works entail public realm improvements to George Square and Upper Dundas Street as well as upgrades to the Royal Concert Hall, Buchanan Galleries and Queen Street Station.

Deputy first minister Nicola Sturgeon said: “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.”

Peter Reekie, director of finance at the Scottish Futures Trust, added: “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.”

Glasgow City Council gave their approval to the financing arrangement, which entails public borrowing against future business rates, back in April.

5 Comments

wonky
#1 Posted by wonky on 25 Oct 2012 at 16:39 PM
Wonderful to see yet more centralization of the city centre- with once great streets like Renfield, Sauchiehall, Union and Argyle Street all going to the dogs. One wonders what 80 million smackers could do for Argyle and Sauchiehall Street? Who cares right enough- as long as Buchanan Streets all right then all's well with the city.
You get 80m to invest in a bland mono-culture prefab shopping mall yet buildings like the Egyptian Halls and the Lion Chambers struggle for survival. Progress- its great to see where the City leaders priorities lie.
woof!
#2 Posted by woof! on 26 Oct 2012 at 10:40 AM
shops, shops, shops, chains, shops, shops, same old shops, shops, more shops, bland shops, muzac in shops, more shops selling the same old stuff, dull architecture and more shops.
Thomas Annan
#3 Posted by Thomas Annan on 26 Oct 2012 at 14:13 PM
It only takes a quick look at his images to realise how much damage has been done to the city...
Brian
#4 Posted by Brian on 27 Oct 2012 at 10:22 AM
The station needs seeing to its a mess.As for buchanan galleries.i only cut through it when raining.the money could be better spent.on trongate etc.shocking decision.Open up Glasgow x station again.the area has never been busy since it closed.
Sven
#5 Posted by Sven on 27 Oct 2012 at 13:18 PM
Not sure why there are negative comments. The new station design looks better than the concrete building currently in place. Not keen on renaming parts of the city quarters though! It is just called 'The town/toun' not Buchanan Quarter, Merchant City or the like.

Post your comments

 

All comments are pre-moderated and
must obey our house rules.

 

Back to October 2012

Search News
Subscribe to Urban Realm Magazine
Features & Reports
For more information from the industry visit our Features & Reports section.