The procurement process for the works at Windmillcroft Quay, on the south bank of the Clyde at Tradeston, will soon begin.
The works are part-funded by the Glasgow City Region City Deal, as part of the £50million allocated through the Deal to secure the integrity of the Clyde waterfront, consolidate the quay walls there, and activate the area.
This £50million is part of wider City Deal funding, including projects such as the Govan-Partick Bridge and Custom House Quay, to develop the river corridor into an attractive urban quarter that creates jobs and economic growth and attracts investment.
A contract award will be made towards the end of 2023, with works - already fully designed, and expected to take around two years to complete - beginning on site in 2024.
The co-owners of the homes at Windmillcroft Quay have made a financial contribution of £1.39million (£5,000 for each of the 278 properties), with a further £750,000 from a third-party contributor.
Councillor Susan Aitken, Chair of the Glasgow City Region Cabinet, said: "This is an important step towards the delivery of this important waterfront project, which will bring more high-quality public space to the Clydeside. Everyone living, working or visiting this area will enjoy the benefit of the work to take place here."
Scottish Government Business Minister, Ivan McKee, said: "I welcome progress at Windmillcroft Quay and look forward to seeing the transformation of the Clyde waterfront as part of the Glasgow City Region City Deal. The Scottish Government has contributed £500 million towards the Deal to support a more prosperous, greener and fairer economy."
UK Government Minister for Scotland, Malcolm Offord, said: "It is brilliant that the Windmillcroft Quay project has moved a step closer to delivering a much-needed renovation on the Clyde with improved connectivity for residents and visitors to enjoy. The scheme complements the additional regeneration work taking place on the river corridor that will attract jobs and investment to the area. The UK Government is supporting this project as part of its £523m investment in the Glasgow City Region Deal."
The Glasgow City Region City Deal is supporting a number of infrastructure projects across the city-region. Both the UK and Scottish Governments are providing the Glasgow City Region local authorities with £500million each in grant funding for the Glasgow City Region City Deal.