The Finnieston Crane has secured funding to turn the landmark into a major tourist attraction.
Regeneration business Peel L&P and Scottish government-led partnership Clyde Mission will cover major repairs.
Peel has also now sold the structure, also known as the Stobcross Crane, to community interest company Big Cran Co.
That company will now take forward a £7m masterplan for the crane announced last summer that will see a new restaurant, visitor centre and museum built.
Meanwhile, Peel L&P has plans to develop hundreds of homes at nearby Yorkhill Quay.
Glasgow Waters involves a substantial investment in infrastructure, the creation of hundreds of waterfront homes, retail and leisure opportunities, as well as a commercial district, according to Peel.
It sees the crane redevelopment as part of the regeneration of the riverside area.
Brian Lavalette is Peel L&P’s property director for Scotland.
He said: “We’re proud to be supporting the Big Cran Co with their plans to transform this fantastic reminder of Glasgow’s engineering heritage into a space for the local community and beyond to enjoy in the future.
“Our vision at Glasgow Waters is to create a sustainable environment for local people to enjoy, and we believe the Big Cran Co’s project will be a big part of bringing tourism and interest to the area.”
The Scottish Government’s Clyde Mission initiative is providing £452,000 funding towards the Finnieston Crane project.
Economy Secretary Fiona Hyslop said: “The Finnieston Crane is an iconic stalwart of the Glasgow skyline and one that reminds us of the river’s rich history.
“This is an exciting project, supported by the Scottish Government through our Clyde Mission, which will support the area’s post-coronavirus recovery, create jobs and attract visitors to learn about the Clyde’s heritage.”
Allan Wilson, Chairman of the Big Cran Co CIC said: “We are extremely grateful for the additional funding support being provided by Peel L&P towards essential repairs of the crane.
“This investment in the crane’s future sustainability will assist our efforts to convert the crane and its immediate environs into a state-of-the-art visitor attraction on the Clyde and will complement the substantial Glasgow Waters development further downstream.
“The funding support from both Clyde Mission and Peel L&P will enable us to embark on phase one of our transformational plans for the crane and help us in creating new employment and training opportunities for local people, as we focus on the crane’s role in the local economy’s post-covid recovery.”