Waterford quays developers poised for Government funding decision

Decision on the approval of about €100m in State funding due in coming weeks

An artist’s impression of the proposed development at Waterford’s North Quays. Photograph: Falcon Real Estate Development Ireland

An artist’s impression of the proposed development at Waterford’s North Quays. Photograph: Falcon Real Estate Development Ireland

 

The real estate company behind the €500 million redevelopment of Waterford city’s North Quays on Tuesday held a “soft launch” for the major project, which is expected to receive the green light to begin in the coming weeks.

Waterford City and County Council granted planning approval in July for the large project, which is being driven by developers Falcon Real Estate and financially backed by a Saudi Arabian firm.

It is expected there will be a combined €500 million private and public investment in the project over five years, creating thousands of jobs.

The project is awaiting a decision on the approval of about €100 million in State funding for infrastructure works, which is expected in the coming weeks.

The development, on an eight-hectare site, will include a 15-storey hotel and conference centre, twin blocks of office space rising to seven storeys, 300 apartments spread across five buildings seven to 17 storeys in height and an open public space.

Funding decision

Rob Cass, director of developer Falcon, said there was now “huge interest” in the long awaited project.

Following Government funding for infrastructure works to enable the project to go ahead, hoarding could go up around the site as early as next month, he said.

One Government source confirmed that a decision on the funding would probably be made in the coming weeks.

It was hoped that building works on the redevelopment project would begin in the second quarter of next year, Mr Cass said.

Some of the Government funding would go towards relocating the nearby Plunkett train station east on to the quay. It would then become part of a transport hub catering for rail, buses, cyclists and pedestrians, with a link-bridge connecting the North Quays site to the city centre across the river Suir.