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Proposals submitted to Glasgow City Council include a 221 bed hotel, 6,000 sq m of Grade A office space, restaurants at high level which will boast panoramic views of Glasgow, in addition to upgrading the existing shopping centre.
The scheme includes a new iconic tower on the corner of Renfrew Street and Hope Street and which will integrate the upgraded shopping centre with the hotel.
The developers hope that 200 jobs will be created during the construction work, with another 900 jobs on completion of the scheme.
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Damien Mitchell, Property Director of PBN said: "The Savoy has been part of the city centre landscape for over 30 years. We believe the time has now come to revive, modernise and expand the centre's offering.
"Our proposals will provide an array of new amenities, including a hotel, restaurants and office space, as well as creating a new landmark building for Glasgow city centre and improving business opportunities for existing tenants."
The plans allow for the potential retention of all existing tenants and include the refurbishment and upgrade of the existing ground floor and first floor In-Shop retail units.
Access and linkages between Sauchiehall street and Renfrew street will be vastly improved.
Mr Mitchell said existing tenants have been very enthusiastic about the proposed improvements.
Scott Taylor, Chief Executive of Glasgow City Marketing Bureau said: "If Glasgow intends to compete and win on a world stage, it needs to continue to attract major investments such as this and the inclusion of a hotel within these plans will further enhance the city's ability to meet growing demand, especially in the lead up to the Commonwealth Games in 2014."
(GK/JM)
