The Government has signed off on €80.6 million in funding for a project to develop the North Quays of Waterford City following a Cabinet meeting this morning.
The support from the Urban Regeneration and Development Fund (URDF) will form part of a total package of €110.6 million for the regeneration project, with €30 million committed by the Department of Transport through the National Transport Authority.
The funding will see the development of an eight-hectare site across the river from Waterford which has lain derelict for decades, aiming to create a “sustainable” extension to the city centre that will include a transport hub, office space, apartments and an open public space.
“This morning’s Government announcement represents one of the single biggest investments ever in the south east,” Minister for Mental Health & Older People, Mary Butler said.
The Waterford Minister said the project would be the largest urban regeneration project in the country, with the funding meaning work can commence and the project can “become a reality” after “many false dawns”.
“This is a monumental step for the project, the city and the south east... the people of Waterford have been very keen to see tangible progress over the past four years,” she said.
“For too long Waterford city and the south east region has suffered from underdevelopment and underinvestment... the people of Waterford deserve this breakthrough.”
#Waterford Council confirms allocation of €80,600,000 Urban Regeneration Development Funding and €30,000,000 National Transport Authority funding which secures North Quays Strategic Development Zone key infrastructural developments https://t.co/UIZ8tdkIrO pic.twitter.com/8apTO7S9zp
— Waterford City & County Council (@WaterfordCounci) November 10, 2020
Falcon Real Estate Development, who are purchasing the North Quays site from Waterford City and County Council in order to undertake its development, also welcomed the Cabinet funding.
“We are delighted with the decision by the Cabinet to approve infrastructure funding to connect the North Quays strategic development zone to the wider city, which represents the start of a new and exciting chapter of growth for the city and region,” Rob Cass, Director of Falcon Real Estate Development said.
“Waterford city and the surrounding region have the potential to become the fastest growing city-region in Ireland and it is a welcome development to see this potential being recognised by Government, at both a local and national level.”
Mr Cass said that following this “full financing of the enabling infrastructure” to connect the North Quays to the rest of the city, Falcon Real Estate would initiate the tender for infrastructure and enabling works with the aim of commencing construction work in early 2021.
Planning permission has already been granted for a 15-storey hotel and conference centre, twin blocks of office space rising to seven storeys, 300 apartments spread across five buildings of seven to 17 storeys in height and an open public space.
Falcon Real Estate said it hopes the development will act as “a model for other cities in regional Ireland” and deliver nearly 2,900 full time jobs by 2023 with a further 4,500 indirect jobs in the community.
