The former John Brown's shipyard in Clydebank is set to be unlocked for future development.
The deal will see essential infrastructure and ground works undertaken on the site, paving the way for over £250 million worth of private investment.
Potential plans include 1,000 new homes, a retail unit, hotel, care home and health centre.
The derelict site was bought by Clydeside Regeneration in 2004. However, due to difficult market conditions, the owners were unable to attract the investment to fund the necessary infrastructure works.
Under the terms of the agreement, the council will step in to fund the repair of quay walls and create a new road layout.
The council will recoup its investment from a share the financial benefits of any future land sales at the site and in the economic benefits this would bring to the area.
It is expected the works will begin early in 2016, with the road infrastructure and site enabling work being completed by summer 2017.
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The remaining works will be finished by early 2018.
This activity will allow the developer to push ahead with their master plan which includes proposals to build over 1,000 new homes (a mixture of private and social), a local retail unit, pub/diner and a hotel.
New public space with a boulevard leading from Clydebank town centre to the riverside will also be created, which will link to the town centre and transport interchange.
The Queens Quay site is predicted to bring the following benefits to West Dunbartonshire:
• £5.5 million income generated locally each year, with a further £2.9 million created nationally.
• 2,138 short term construction jobs.
• An estimated 57 apprenticeships supported.
• Development works worth an estimated £250 million.
• Attracting an additional population of over 2,000 people.
The plans will also coincide with other developments taking place on the site, including:
• The development of West College Scotland.
• The opening of the Titan Crane visitor attraction.
• Creation of the Titan Enterprise Business Centre.
• Creation of Aurora House, now the offices of almost 300 Council staff.
• A new £22m Clydebank Leisure Centre development of which began at the end of June.
Further plans include a £19 million Clydebank Health Centre which will be built with Scottish Government funding and a new £10 million Clydebank Care Home.
Councillor Patrick McGlinchey said: "This deal sets Clydebank up for the most exciting period the town has enjoyed for decades.
"It is the biggest and most influential project the Council has ever been involved in as we look to transform the former John Brown’s yard into a bustling community hub.
"To see over 1,000 new homes built at this stunning location overlooking the Clyde, as well as a range of other amenities, will help to drive population growth and bring a number of economic benefits to Clydebank."
(LM/MH)
