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The long-awaited regeneration of Waterford’s North Quay has come one step closer today with the Government’s confirmation of more than € 110 million in funding for infrastructure elements of the project.
The € 400 million mixed-use development for the currently disused eight-hectare site near Waterford city center has the potential to create 2,800 long-term jobs, according to sponsors.
Today the Council of Ministers approved 80.6 million euros in Urban Regeneration and Financing for the Development of the plan of the Department of Housing, Local Government and Heritage, of which another 30 million come from the Department of Transportation.
The plan includes office, residential, commercial, leisure and shopping developments, and planning permission was granted by the City and County of Waterford during the summer.
Two cabinet members, Housing Minister Darragh O’Brien and Transport Minister Eamon Ryan, were due to visit the North Quay site today, but had to remain in Dublin to vote on the motion of confidence related to Tánaiste Leo Varadkar.
Minister O’Brien has indicated that he will travel to the area at a later date to meet with local civic leaders.
The North Quay project developers are Falcon Real Estate Development with Saudi Arabia investment group Fawaz Alhokair involved in the project.
A new transportation hub, which would see the city’s rail service move from the current Plunkett station east to the North Quay site and join a new bus facility, is part of the long-term plan, as well as a new footbridge across the Suir River.
State Minister Mary Butler, TD of Waterford’s Fianna Fáil, said today’s announcement represents “one of the largest investments in the Southeast.”
Senator John Cummins of Fine Gael said today’s announcement is “the culmination of years of hard work and I sincerely hope that it is the day that Waterford turns its back on negativity and looks forward optimistically to the future more. bright ahead, particularly in these dark and challenging times. “
He said the funding will enable the construction of a new bridge over the Suir, as well as new road interchanges at the North Quay site and the relocation of the train station.
Minister O’Brien said that, for too long, Waterford and the Southeast have suffered from “underdevelopment and underinvestment” and that the North Quay project “is a very good example of how to help a region prosper.”
Minister Ryan said the transportation element of the funding will connect the North and South docks in Waterford and provide access to bicyclists, pedestrians and public transportation users.
Waterford Mayor Cllr Damien Geoghegan said today is “a historic day for Waterford and the South East region” with the opportunity for the City of Waterford “to realize its role as the largest urban center in the region more great of Ireland “.
City and County Executive Director Michael Walsh said the news is “a really strong commitment from the national government to the future of Waterford as the economic capital of the Southeast.”
An Bord Pleanála designated the site as a Strategic Development Zone in 2016 and Falcon says more than 350 million euros in private investment will be “unlocked” by the government funding they want.
The Department of Housing, Planning, and Local Government described the plan as “very complex and high-value” earlier this year, while saying at the time of the planning decision that it needed clarification regarding overall funding.
The regeneration includes a seven-story twin office block; five residential buildings up to 17 stories high, including 298 riverside apartments; a 15-story hotel and conference center; 30,000 square meters of green and community spaces; a mixed-use commercial building that includes shops, tourism and food outlets, as well as a cinema and a nursery; restaurants, bars and cafes.
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