Plans worth £60m to redevelop the Met Tower in Glasgow – known for its People Make Glasgow sign – have been shelved.
The 14-storey building, originally owned by City of Glasgow College, has been unused since 2014 and was set to be refurbished into office space and a new ten-storey tower installed behind it by 2025.
Bruntwood SciTech announced plans for the £60m redevelopment in November after purchasing the Grade-B listed building for £16.2m in 2022.
The company said “significant changes to the economic climate” created “viability challenges” for the plans.
A spokesperson for Bruntwood SciTech said: “Since our acquisition of Met Tower in 2022, there have been significant changes to the economic climate and construction market caused by inflation and high interest rates, both of which have created viability challenges.
“Like any responsible developer we have to be flexible and respond to changing circumstances, which means accepting our original vision for the building to create an office workspace is not feasible in the current climate. It is a difficult decision and one we have not taken lightly.
“From our first day in the city, we have been made to feel so welcome by the Glasgow community, and would like to extend specific thanks to Glasgow City Council and Glasgow Chamber of Commerce.
“We recognise the iconic position of this building, the opportunity it provides for the city, and the need for it to be brought back to life as soon as possible.
“We are grateful to all those who have supported us with the planning to date and are working with us to look at all the available options for Met Tower’s future.”
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