A NEW £70million housing and office development is planned for the city's financial services district.

It will result in almost 280,000sq ft of high quality office space 20, one and two bedroom flats and a restaurant being built.

Atlantic Square is a joint venture between developers BAM and Taylor Clarke which both have track records of successful office developments in Glasgow.

City council planners have recommended the scheme, which is bounded by York Street, Argyle Street, James Watt Street and car park access ramps, gets the go-ahead.

It will involve building a six storey block of flats as well as a seven storey and 10 storey office blocks.

Substantial new public realm including feature lighting, seating areas and high quality planting will be part of the scheme.

The site is within the central conservation area and next to a number of listed buildings, including a substantial category A listed facade which will be incorporated into the development.

City council development and regeneration director Richard Brown said in a report: "The site has been vacant for several years and in its current condition, significantly detracts from the character of the conservation area in this locality.

"It is anticipated development of the site as proposed will significantly improve this situation.

"The proposal involves the re-use of a brownfield site in close proximity to the river-front which has lain vacant for almost 20 years for a high quality modern office and residential development.

"The proposed development will contribute to the increasing number of high quality contemporary buildings available within the city centre, further supporting Glasgow's continued growth as an attractive place to live, work, shop and socialise and as a secure and competitive place to invest."

Mark Broderick, development director, BAM Properties, said: "There is a shortage of modern, high quality and environmentally sustainable office space in Glasgow.

"We believe our proposed development in the heart of the international financial district, with its excellent transport links, would be good news for the city as it would attract inward investment to Glasgow from national and international businesses who wish to strengthen their presence in Scotland."

Glasgow Chamber of Commerce chief executive Stuart Patrick said: "This is good news for the city. It demonstrates real confidence in the Glasgow economy.

"We already have a handful of new office developments coming on to the market and they are attracting strong demand.

"We therefore need a steady supply of Grade A office space to make sure we can respond to both growing local companies and new inward investment enquiries."