Barmulloch Community Development Company plans to replace the existing Tenants' Hall with a multi-purpose space, including a recording studio, soft play area and IT learning centre.
The award of £1,075,000 from the Scotland's Growing Community Assets programme has taken the 12 members of the volunteer board six years to achieve.
Jim Hope, development officer for Barmulloch Community Development, said: "We have this saying: We are local people providing local solutions to local problems.
"There are still some people attached to the organisation whose grandfathers were involved in the construction of the orginal hall 60 years ago," he added.
All 165 members of the company are local residents.
With a demanding and exacting design process, the members appreciated the aid provided by a professional team, which included an architect and a surveyor.
Jim said: "This grant is a combination of hard work and good wishes."
"We hope that the hall will act as a catalyst for activities in the area, with an extension into enterprise and personal development services."
By regenerating the heart of the community, Barmulloch will be able to provide a learning space and a location for christenings, birthdays and weddings for years to come.
"There was a real will to have this going forward from the community, and we are indebted to Glasgow City Council, Glasgow Housing Agency and the Big Lottery Fund Scotland," Jim added.
Maureen McGinn, Big Lottery Fund Scotland chairwoman, said: "Our Growing Community Assets fund enables local communities to have more control and influence over their own future."