Scottish Enterprise Glasgow have sold part of the Albion Street site which will provide a total of 40,000 sq m of accommodation for science and technology firms, 128 flats and almost 4,000 sq m of commercial, retail and leisure space.
Edinburgh-based Start Anywhere Group (START) will begin work later this year on what will be the first building on the Albion Street site.
Stuart Patrick, operations director for Scottish Enterprise Glasgow, said: "City Science is a key project for Glasgow and the west of Scotland. It will provide a high quality city centre business location for science and technology companies.
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"In addition to fostering new hi-tech firms emerging from the city's three universities, it is likely to be attractive to inward investors forming one of a portfolio of sites offering such accommodation within the west of Scotland.
"Others include the well established West of Scotland Science Park between Bearsden and Maryhill and the emerging Nova Technology Park in Robroyston."
Roger Perrin, of START, said: "This is a fantastic opportunity to grasp all that is going on in Glasgow and create a showcase where all varieties of companies and entrepreneurs can co-locate right at the heart of the new City Science project.
"We hope we can bring a fresh approach to the creation of essential links between academia, research and business through a property investment second to none."
The City Park is scheduled for completion in 2010.
(GK)
