Clydeport has teamed up with Bank of Scotland to redevelop a £500m riverside site near the centre of Glasgow. The development, to be known as 'Glasgow Harbour', will eventually include 250,000 sq. ft. of leisure space with a cinema, restaurants and fitness centre, a hotel, 400,000 sq. ft. of office space and approximately 900 homes. Chairman Tom Allison believes that the project 'is without doubt one of the most significant property development projects in Glasgow for over a century.' Under the terms of the agreement, the Bank of Scotland will pay £750,000 for an option to subscribe, and both companies will subscribe £50,000 for shares in the new venture, known as Clydeport Properties. Labour leader of Glasgow city council Charles Gordon said that it made sense to learn commercial, economic and social lessons from riverside developments such as Chelsea Harbour.