by Iain Lundy, The Herald
Plans were yesterday unveiled for a £90m hotel, office, leisure
and retail development that, its backers say, will lie at the heart
of the transformation of a formerly run down district of Glasgow
city centre into a major financial hub.
Developers have outlined proposals for Atlantic Square, which
will include two office blocks and a six-storey 150-bedroom hotel,
health club and conference centre in the heart of the former
Broomielaw, which is now the International Financial Services
District (IFSD).
Glasgow-based Capella Group aim to bring 2500 jobs to the centre
which has been described as "Wall Street on the Clyde," if it wins
approval for the plans from the city council, which has already
granted outline permission.
Barclays, Morgan Stanley and Direct Line have already brought
15,000 jobs to the area since it was launched in 2001.
Jim Fitzsimons, chief executive of the group, said it wanted the
building to lie at the heart of the district which once consisted
of warehouses and was built around Broomielaw Quay, the traditional
departure point for Clyde and Irish steamers.
The company is retaining the A-listed, mid-19th century
warehouse facade of the building in James Watt Street, which was
the scene of a fire where 22 people died in an upholstery factory
in 1968, and the project will also span York Street.
It also promised to create a "stunning" covered courtyard which
will provide an impressive focal point for its three individual
buildings and upgrade pedestrian access.
Mr Fitzsimons cited Atlantic Sq uare as an example of how the
city is "better placed" than most others in the UK to escape the
downturn.
He said: "At a time when the economic climate is so challenging
we see this project as a major vote of confidence in the Broomielaw
area and a timely boost for Glasgow.
"We believe the city is far better placed than most other UK
cities to quickly come out of the current downturn, and believe
that there will be significant take up of office space this year,
leading to a need to see the next round of development start next
year."
"Our vision for Atlantic Square is to create a "heart" for the
Broomielaw area.
"With over 15,000 people now working and living in this area of
the city, the time is right to look at a more exciting mixed-use
scheme that will create a destination.
"It will be somewhere workers, residents and visitors can meet
and relax, as well as providing stunning new offices for the
ever-expanding business community.
"The IFSD initiative has been tremendously successful in
attracting thousands of jobs and many millions of pounds of
investment to Glasgow and the addition of high-quality office space
at Atlantic Square will further enhance its profile.
"Broomielaw is now being regarded in the same way as the
traditional city centre by business occupiers."
The development's two office buildings will total 227,000 sq ft
and there will be a covered courtyard which developers see as a key
feature. There will be pedestrian access linking the new
development with the wider Broomielaw area.
Capella Group is now seeking approval for a revised scheme from
the council after a number of elements were approved in outline by
the council.
Mr Fitzsimons, formerly director of Wilson Bowden developments
Scottish operation, established Capella Group in 2008.
It specialises in property development, urban regeneration and
development management.
The IFSD project was launched in 2001. It is a £1bn, 10-year
scheme that aims to turn the Broomielaw area into a vibrant,
sustainable modern city district.
Reproduced with the permission of the Herald & Times
Group.