The steps at the Royal Concert Hall are to be flattened as part of a £390 million extension.
Councillors gave the plan the go-ahead today at a meeting of Glasgow City Council's planning committee.
The decision to approve the development and demolish the stairs was given the green light despite thousands of people signing a petition demanding they be retained.
What blogger Katie Gallogly-Swan thinks of the decision
Councillor David Meikle tweeted: "Very disappointing news. Glasgow Council's Planning Committee approves demolition of Buchanan Street steps by 11 votes to 4."
This approval gives planning permission for the erection of a mixed use development comprising of extensions to the existing Buchanan Galleries Shopping Centre, the erection of an entrance atrium to Glasgow Royal Concert Hall and Buchanan Galleries on Buchanan Street, the demolition of the existing car park and the erection of a replacement on a site at Queen Street Station East.
Councillor Gordon Matheson, Leader of Glasgow City Council, said: "This planning consent will unlock over £300million of private sector investment for Glasgow. Alongside our TIF scheme, the expansion of Buchanan Galleries will improve the city centre's public realm and infrastructure, and generate 1500 jobs. We are justifiably proud in Glasgow city centre being the UK's second biggest retail destination, but to ensure we remain in such a position new ways of attracting visitors and investors must be found. The expansion of the Galleries will help us to do so."
The Buchanan Quarter TIF scheme and Buchanan Galleries expansion is expected to lever in £310 million of private investment; deliver around 1500 jobs; bring £36 million of extra economic activity to Glasgow annually; deliver a 392,000 sq ft expansion of the Buchanan Galleries; enable up to £80million of public infrastructure works and public realm improvements; create a new 1500-space car park at Queen Street Station with 35,000 sq ft of associated retail units; and provide 50,000 sq ft of new retail development at the southern end of the existing Buchanan Galleries site.
TIF (Tax Increment Finance) is a mechanism used to forward fund the public infrastructure necessary to support new commercial development. TIF seeks to capture additional non-domestic rates (NDR) revenue that would not arise without the delivery of the 'enabling 'infrastructure' that is required to unlock the development, contributing to sustainable economic regeneration. The Buchanan Quarter TIF scheme is worth £80million.
The Buchanan Quarter expansion is expected to go on-site in summer 2015.
SNP councillor Susan Aitken said the steps had become an important part of the city's built heritage.
She said: "The best way to ensure the renewed Buchanan Quarter meets the needs, wishes and aspirations of Glaswegians is to consult in a genuinely transparent way.
"That will only happen when the council and developers work with the people on new ideas.
"There is still time for the council and developers to listen to the people of Glasgow.
"We support those who are raising concerns over the proposed removal of the Buchanan steps and will do whatever is possible to ensure the voice of the people is heard clearly by the council and the administration.
"We need more public space in the city centre, not less. The citizens of Glasgow have made their views clear, the people stand for the steps and the council should too."
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