The delivery of a major commercial, retail and leisure development in Waterford City will deliver huge economic and social gains for the South East, Fine Gael Senator John Cummins has said.
Senator Cummins welcomed a decision by Waterford City & County Council today to grant planning permission for the Waterford North Quays Strategic Development Zone along the city’s North Quays.
The Waterford Senator said, “I am delighted that this ambitious and transformative project has been given the go-ahead as it will regenerate the regional economy and will be hugely beneficial for communities in Waterford and the South East region as a whole.
“The decision to grant full planning permission for the North Quays SDZ Project came to fruition after four years of significant work and effort by the community, developers and other stakeholders in Waterford and the South East.
“This development of the eight hectare site will deliver significant retail, hotel and conferencing facilities, prime city centre offices and 298 apartments. It will also be linked to the existing city centre via a public transportation bridge over the River Suir, with new access roads and a Transport hub which will create a modern interchange of public transportation including both rail and bus.
“It will be the largest mixed-use real estate development in the South East and will also see a new city-centre skyline emerge for Waterford city centre.
“The total combined estimated private & public investment in North Quays is over €500 million, with the project delivering nearly 2,900 full time jobs on completion of the development in 2023, with a further 4,500 indirect jobs expected to be created in the community.
“Falcon Real Estate Development Ireland, which is responsible for the project, are hoping to benefit from circa €139 million in public infrastructure funding via Local Authorities, Central Government and State Agencies which will unlock over €350 million of private investment up to 2023. The state has already allocated €21 million to this project via the National Transport Authority & the Urban Regeneration & Development Fund and it is critical that further funding is allocated in the July stimulus.
“According to developers, upon its opening this project will deliver a net annual benefit to taxpayers of over €107 million a year, with almost €1.25 billion of taxes generated from 2018 to 2030.
“The significance of this transformative project cannot be understated, as it also ties in with the commitments contained in the Programme for Government to ensure balanced regional development.
“I wish the stakeholders involved every success as they embark on this new and exciting phase of the project and I thank them for their efforts.”