Plans to transform a former Michelin tyre factory into an ‘innovation centre’ remain within budget, bosses have claimed.
The £4.75m hub is due to open in Dundee later this year, aiming to attract more developers to the city.
Michelin closed the factory’s doors in 2020 – two years after revealing plans to shut.
The tyre factory, which first opened in 1972, was one of Dundee’s biggest employers, with 846 staff.
Despite spiralling construction costs across the country, bosses told STV News that the project to transform the factory remained on track.
“We’ve reduced the scale of the building to allow us to stay within budget,” said Colin McIlraith, chief operating officer at the rebranded Michelin Scotland Innovation Parc.
“We’ve also changed the construction method. We’ve used timber throughout, so it’s a glulam frame and cross-laminated timber which has reduced the carbon footprint.
“That has cost a little more than envisaged, but we’ve been able to secure additional funding.”
The facility, which is set to open in October, will feature meeting rooms, workshops and space for events to encourage businesses to develop ideas.
Primarily funded through the Tay Cities Deal, additional cash is coming from Scottish Enterprise and Michelin itself.
Dundee City Council leader John Alexander said: “The Innovation Parc is a leading light in terms of what we’re trying to deliver here.
“I think this is going to be a real game changer for the Parc and the broader economy and it is a unique selling point that I know private sector are really excited about.”
Since Michelin stopped producing tyres in Dundee, the former factory has been rebranded and turned its focus towards clean transport.
Around 130 people are currently employed at the Baldovie Road site across 14 different companies. It’s hoped hundreds more roles will be created over the next decade.