Work on the Calton Barras Action Plan has started in the city's east end.
It includes opening a park at the derelict site of the Schipka Pass, which links London Road to Gallowgate.
Planning consent has been given for the park, which is expected to be finished by summer.
The area became well known after local entrepreneur Dick Barton turned it into a flea market.
In the next few weeks work will start to improve around 82 shopfronts along London Road, the Gallowgate and nearby streets.
At the Barras Market, vacant units and floorspace will be given to design, craft, recycling and furniture restoration groups to provide jobs and increase footfall.
The community has welcomed the move.
Councillor Yvonne Kucuk, who is part of the Action Barras Calton group, said: "We've had so many people get in touch with us to get involved now that they actually see things happening."
The council is injecting £3.5m into the plans, with another £1.4m from Cosla and the Scottish Government, and a further £1.4m is expected from other sources.
Greendyke Square will be "reconfigured" by council road teams, with traffic calming measures and pedestrian crossings put in place to create a new open space.