The Glasgow Chamber of Commerce has backed plans for the £70 million regeneration of a site on the north east corner of George Square which are being submitted for planning permission this week.

The rejuvenation of the site known as the George Street Complex includes the renovation of two listed buildings for five star serviced apartments and commercial offices and the construction of a new hotel and student accommodation.

It also includes the opening up of an area that extends the width of the site to become a dynamic and lively seven-day-a-week destination with a great choice of award-winning restaurants, bars and cafes, alongside independent boutiques and specialist fashion-to-foodie shops.

As well as this re-imagined pedestrianised lane there will also be a plaza, both adding to the sense of space and creating an area that can thrive with people and activity, where currently there is nothing. Ultimately, the aim is to give the area its own unique style as a new urban quarter through repair of the city block, site configuration, building design and diverse mix of use.

In total, the development is expected to support around 320 jobs in the city centre as well as adding to the city’s wide-ranging appeal to all categories of traveller and students.

Glasgow Chamber of Commerce chief executive, Stuart Patrick, said: “These development plans offer an opportunity to regenerate a prominent city centre site, part of which has been left derelict for more than 80 years. From a series of run-down buildings and an empty patch of land, the plans will create an area that thrives with people and businesses. The mix of offices, leisure and retail destined for this site, bringing both jobs and new visitors, will be of tremendous value to the city as a whole.”

The project to reinvigorate the complex of dilapidated properties and repair the urban block is being led by the Chris Stewart Group (CSG), the firm behind a number of important developments in Edinburgh’s historic Old and New Towns.

The George Street Complex is CSG’s first major mixed-use development in Glasgow and the aim is to ensure that the site works on all levels: from the re-use of the listed buildings and the activation at street level (retail uses; public access, new space, the lane, plaza); through to the overall design, which is mindful both of a natural hierarchy on the site itself as well as the wider city context.

Some parts of the site have remained empty for 80 years.

Chris Stewart, CEO, said: “We have been looking for the right opportunity in Glasgow for some time now, and were delighted to be chosen as the preferred developer by City Property (Glasgow) and Glasgow City Council for this important and strategic site right in the heart of the city centre. We have been working closely with GCC and a number of other stakeholders for almost a year to ensure that our proposals and vision for the site match with the city’s aspirations for high quality mixed use development.”

Applications for planning, conservation area consent and listed building consent for the George Street Complex were submitted this week. The proposals for the 35,000sq ft site include 272-bed student accommodation, 258-bed hotel, 43 residential/serviced apartments, office, retail and leisure uses, as well as the creation of public amenity spaces.

This richness of use addresses many key issues for the city, including the need to remain vibrant and fresh for visitors and the lack of good quality student accommodation.