The Glasgow 2014 Commonwealth Games come along at a key point in Glasgow’s economic cycle, bringing development and regeneration projects during a challenging economic period. Councillor Archie Graham, Executive Member for the Commonwealth Games at Glasgow City Council, explores some of the development benefits for the city. 25 January 2010
Over the past decade, Glasgow has welcomed a steady stream of
developers and investors as large parts of the city have been
transformed, with the most obvious physical manifestations of this
being the creation of the International Financial Services District
and the rebirth of the Clyde Waterfront through projects such as
the Digital Media Quarter, the
Riverside Museum and
residential developments such as Glasgow Harbour, all of which have brought a
huge number of jobs and investment.
Taking regeneration to the next level
These developments in the commercial, residential and leisure
sectors, together with historically high levels of investment,
reflected what was a tremendously exciting time for Glasgow, and
the Games are now ushering in a new era in developing
infrastructure, housing and sporting facilities all over the
city. This new era complements other recent developments to
take Glasgow's regeneration to another level.
The focus for these developments can be found in the East End of
Glasgow, with the building of one of Europe's biggest indoor
facilities - the National Indoor Sports Arena and Sir Chris Hoy
Velodrome - and the Athletes' Village, home to more than 6,500
competitors and officials in 2014 and a new neighbourhood of more
than 1400 socially-rented and private homes in the years after the
Games.
The former is located on a 10.5 hectare site, with the Athletes'
Village being developed by the City Legacy consortium on 38.5
hectares of land. The Athletes' Village will be a
flagship development for Glasgow, with high-quality housing
boasting environmental and energy credentials unique for a project
of its size in Scotland.
Economic and social legacy
Alongside these is the creation of the SECC National Arena, another
major project on the River Clyde, and two key infrastructure
schemes, the completion of the M74 and
the East End Regeneration Route. Both will bring economic
benefit through greater access and improved transport links to the
city, stimulating local business growth and employment
opportunities as well as making Glasgow even more attractive to
investors.
These projects will all contribute to the successful delivery of a
key part of the Games and later - in the case of the Athletes'
Village - the creation of a stunning new neighbourhood for the city
as Glasgow's regeneration continues. In particular, the
economic and social legacy of the Games should not be
underestimated.
John Scott, Chief Executive, Glasgow 2014, underlined the growing
sense of anticipation when he said, "The excitement and sense
of opportunity as we begin the countdown to the Glasgow 2014
Commonwealth Games is palpable: the next few years offer a golden
opportunity for those wishing to live, work and invest in the
city."
Reprinted with the permission of the Mortgage Finance Gazette.
