A few hundred yards from Glasgow city centre, work is progressing on a flagship project as part of the regeneration of the River Clyde.

A new pedestrian bridge — nicknamed the Squiggly Bridge — will form the centrepiece of almost £30m of work that aims to bring life back to Broomielaw and Tradeston.

On the north bank, a row of bars and restaurants is planned, while at Tradeston on the south bank, the developer Alburn wants to build 950 flats.

The Tradeston site is in the process of being cleared but no date has been fixed on when building will start. On the opposite bank, the developer Gladedale has put on hold its speculative project, a £150m office development at Broomielaw.

Further along the river, at Custom House Quay, a £200m development by the Australian entrepreneur Rodney Price has been in limbo for two years after plans for a 200-bedroom hotel were rejected. The architect RMJM admits it still has no firm starting date.

And as the Sunday Times reveals today, Elphinstone village, the ambitious £350m development on the west side of the Scottish Exhibition and Conference Centre (SECC), is the latest to go on hold. Planning consent was finally given in May just as the credit crunch was beginning to hit housebuilders hard. The result was that Elphinstone cannot realise the value of the site from potential developers in the current climate.

The SECC had been banking on receipts from that scheme to finance the Lord Foster-designed £70m, 12,500-seater arena set to be a significant part of the Glasgow 2014 Commonwealth Games.

“It is frustrating that having waited so long for consent, it came at this time but there is no point in selling it at less than its value,” said Pete Selman, project director at Elphinstone. “There is no doubt that location is perfect and iconic. Hopefully we can still find a way to make it happen.”

These projects are at the heart of the £5 billion regeneration of Clydeside — but are the downturn and credit crunch threatening to derail long-term plans to bring life back to Glasgow’s riverside?

The Custom House Quay development is one of the most important as it revitalises a run-down area close to the city centre. It was already behind its original schedule because of planning issues. RMJM says negotiations are continuing and that the development is still going ahead. “It’s a bit early to provide a specific timeframe, but it’s expected the project will be complete in good time for the Glasgow Commonwealth Games,” said a spokesman.

Gladedale is committed to the cost of relocating the Glasgow City Mission from the Broomielaw site, but admits it will not go ahead as a speculative development in the current climate.

“We are continuing to try to secure an anchor tenant, and if those efforts bear fruit, we will commence construction,” a spokesman said.

Explore Economics

• Pre-Budget Report 2008

• Budget 2009

• World Economic Forum

• The Times MPC

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive