The 14-acre Old Western Infirmary Hospital site has been sold to the university for £14 million as part of a historic land agreement that will see new buildings for health, business, chemistry and the arts and performing spaces.
The first £430m phase, lasting five years, will see the construction of new buildings, together with clearance of the Western Infirmary site and landscaping.
The Western Infirmary was developed on land owned by the university as a teaching hospital and opened in 1874.
A clause was signed stating that if the hospital ever ceased to be a hospital, the university could buy back the site. In 2002, NHS Greater Glasgow and Clyde health board announced the hospital was to close, with services transferred to Gartnavel General and the South Glasgow University Hospital.