Waterford: Urban regeneration project to start soon. Cabinet signed off on new funding. Housing Minister Darragh O'Brien described it as "the biggest urban regeneration project in the country". It includes various plans that include offices, residential and retail units, a 4-star hotel and a visitor centre.
The government's Urban Regeneration and Development Fund (URDF) is investing €100.6 million and the National Transport Authority is investing €70 million for the site, which was designated a Strategic Development Zone (SDZ) by the government in 2016. The total amount of public infrastructure investment is €207 million, with Waterford Council and Kilkenny County Council contributing to the project. Waterford Council says it expects to invest €350 million in the private sector.
Work on the vacant eight-hectare site has been plagued by false starts in recent decades. The local authority terminated the contract with the Saudi-based developer last year after it claimed it could not meet funding requirements. Now the developer behind the redevelopment of Belfast's Harland & Wolff shipyard has become the new private partner in a €550 million project in Waterford city.
The project is on the north bank of the River Suir, opposite the city of Waterford, and has been empty since the port was moved to the river decades ago. Michael Walsh, chief executive of Waterford City and County Council, told councilors that Harcourt has a significant track record of regenerating waterfront sites, including Belfast's Titanic Quarter and Liverpool's Spencer Docks regeneration. The company's portfolio includes Park West Plaza in Dublin and shopping centers in Galway, Donaghmede, Letterkenny and Limerick. Walsh said development agency Ireland Strategic Investment Fund (ICIF) would support the project.
As part of the project, the city's train station will be moved eastwards to the center of North Quay, while a new pedestrian and cycle bridge is planned to link North Quays and the city center south of the River Suir. The contract for the Waterford North Quays Infrastructure Project is expected to be signed by the end of November.
The housing department said work on the site would begin in March 2023 and be completed in 2025. A land transfer between the council and Irish Rail is expected to take place in the coming weeks to ensure a smooth relocation and realignment of the railway line.
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