The company is revisiting a key regeneration opportunity site with proposals for residential rather than student accommodation aimed at attracting people to live in the city centre, in line with Glasgow City Council strategy and policies.

Merchant Residential, at the corner of the High Street and George Street, will include a mix of office and retail space for start-ups and businesses as well as private-rental apartments.

As well as creating more than 500 jobs, SHG said the £40 million development will provide a valuable boost to the local economy. The new proposals will also safeguard the future of The Old College Bar.

The company has lodged a Proposal of Application Notice for the site, starting the formal pre-application process. The detailed scheme will be finalised for formal submission following a public consultation on June 14, where the views of residents, businesses and stakeholders will be fed into the proposal.

Craig Inglis, chief executive of Structured House Group, said: “Our proposals and ambitions continue to be to rejuvenate the corner into Merchant City and to convert what has been a dilapidated site into a gateway to the city.

“We have been working with the city council planners for more than three years and having listened to considerations and engaged with key stakeholders, with our new application, we are adapting the look, feel, and requirements of the site. We hope to create a focal point which brings together Merchant City with the High Street, in a style that compliments old with new.”

Structured House Group took over responsibility of the site from Colin Beattie, following a 15-year stalemate to develop the corner location.

The company hopes Merchant Residential will attract a mix of professionals and residents choosing to rent close to the city amenities, shops, bars, restaurants, and transport links. It will be managed by the company’s in-house property management-arm, BOHO.

Mr Inglis added: “By submitting a new plan, we can demonstrate the journey we have been on to rejuvenate the site and the options available.

“We are opening our public consultation and seeking community engagement at this early stage of our new residential proposal and would encourage those with an interest in the area to come along and give us their thoughts.

“We are working towards a resolution that encompasses the considerations and observations of our stakeholders as well as delivering for the city, the economy, and creating a building that meets demand.”

The public consultation will take place on Thursday June 14 at the Premier Inn Hotel on George Street from 11am to 7pm.