The £300M redevelopment plan includes homes, offices, hotels, restaurants and a new public square delivered on the 3.6-acre city centre site.
Graeme Bone, Managing Director of Drum Property Group, said: “This will be a huge boost to the area and to local businesses, who are in desperate need of some good news right now.
“We can now look forward to a once-in-a-generation regeneration opportunity, transforming a very special area which has always been at the very centre of Glasgow’s commercial and social development.”
A separate development for a 500-bed student complex is also planned and has been included in the approval for the wider scheme.”
A council report said: “A deliberate decision has been taken to introduce buildings of various heights and plot widths and to locate taller buildings away from corners and further into the site to allow the development to respond to its distinct and varied urban context and to ensure a contextual response to surrounding streets and existing buildings.
“The massing of each building has been broken down and articulated to create a varied townscape that is consistent with the built form and physical character of the surrounding Merchant City.
“The tallest buildings are indicated to be 15 and 16 storeys and are focused around the new urban square within the site, away from the existing streets.”