The construction of a new Clyde promenade and cycle route will begin in 2024 and is expected to take around two years to be completed.
The former waterfront path at the Windmillcroft Quay on the south side of the river will undergo a revamp which will create an urban quarter and new jobs.
It's part of Glasgow City Council's plans to rebuild the crumbling quay wall which had to close eight years ago for safety reasons as the wall was deteriorating.
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Now, a £50 million investment will see it brought back to life with a cycle route, walkway, feature lighting, seating, trees and shrubs.
This multi-million pound investment is part of wider City Deal funding, including projects such as the Govan-Partick Bridge and Custom House Quay, to develop the river corridor.
The co-owners of the homes at Windmillcroft Quay have made a financial contribution of £5,000 for each of the 278 properties, with a further £750,000 from a third-party contributor.
Councillor Susan Aitken, Chair of the Glasgow City Region Cabinet, said: "This is an important step towards the delivery of this important waterfront project, which will bring more high-quality public space to the Clydeside. Everyone living, working or visiting this area will enjoy the benefit of the work to take place here."
Scottish Government Business Minister, Ivan McKee, said: "I welcome progress at Windmillcroft Quay and look forward to seeing the transformation of the Clyde waterfront as part of the Glasgow City Region City Deal. The Scottish Government has contributed £500 million towards the Deal to support a more prosperous, greener and fairer economy."
The Glasgow City Region City Deal is supporting a number of infrastructure projects across the city-region. Both the UK and Scottish Governments are providing the Glasgow City Region local authorities with £500million each in grant funding for the Glasgow City Region City Deal.
UK Government Minister for Scotland, Malcolm Offord, said: "It is brilliant that the Windmillcroft Quay project has moved a step closer to delivering a much-needed renovation on the Clyde with improved connectivity for residents and visitors to enjoy. The scheme complements the additional regeneration work taking place on the river corridor that will attract jobs and investment to the area. The UK Government is supporting this project as part of its £523m investment in the Glasgow City Region Deal."
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