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May 31, 2012

Glasgow City Council begins Laurieston regeneration project in Scotland

Wyndham Worldwide has announced a $1.6bn senior secured term loan facility by its spin-off subsidiary Wyndham Hotels & Resorts.

Glasgow City Council has started work on the first phase of the £90m Laurieston Transformational Regeneration Area (TRA) project in Glasgow, Scotland.

The initial phase of the project, developed by New Gorbals Housing Association, will provide 201 homes for affordable rent.

The redevelopment is the first of three pilot TRA projects being implemented throughout Glasgow, along with schemes at Maryhill and Gallowgate.

The Maryhill project started earlier in 2012 and work at Gallowgate is expected to commence later in the year.

Glasgow City Council executive member for jobs and the economy Bailie Liz Cameron said: "This long term regeneration scheme will deliver massive benefits over decades for all the people of Laurieston in terms of new jobs, homes, amenities and business."

The second phase of the project will include the provision of further homes and include potential for retail, hotel accommodation and community facilities.

The project is being delivered by Urban Union, the private sector development partner that previously signed an agreement with Glasgow City Council to regenerate the area.

Funding for the project is being provided by Glasgow City Council and the Scottish Government.

Scottish Government cabinet secretary for infrastructure and investment Alex Neil said: "With almost £14m from the Scottish Government, this £90m investment will kick start the regeneration of the area over the next three years."

Urban Union is a joint venture (JV) partnership between McTaggart Construction, Keepmoat and Robertson Group Holdings.

The JV was appointed to deliver the project in May 2011 as part of the transformational TRAs involving Glasgow City Council, the Scottish Government and the Glasgow Housing Association.

Glasgow has identified eight TRAs as priority projects for redevelopment.

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