Over €170 million in government funding has now been approved for the North Quays development in Waterford.
A memo has been presented to Cabinet by the Housing Minister, Darragh O'Brien, this morning and in the last few minutes (11.10am), it has been approved.
€106 million is coming from the Urban Regeneration and Development Fund and a further €70 million will come from the Department of Housing and the National Transport Authority.
The revised Business Case for the development had to be presented because the previous plan did not account for recent inflation.
Last May, the project hit a major stumbling block when Falcon Real estate, backed by Saudi investors, were unable to meet the council's pre-funding conditions.
It's understood a preferred developer has now been identified by the council.
The total cost of the North Quays Public Infrastructure Project is expected to be €207.5 million.
Official green light given
Speaking on the announcement this morning, Waterford Fine Gael Senator said, “Today is a momentous day for Waterford and the entire South-East region.
"I believe it marks a very significant turning point in the history of Waterford.
"This investment will unlock the potential that we know exists with the North Quays site and when the project is delivered it will redefine Waterford city and help us compete on a level playing pitch with our peer cities.
"Today marks the official green light on the biggest regeneration project in the country”.
The decision by cabinet will enable Waterford City and County Council to appoint a contractor for the main public works contract, which consists of three main elements: the integrated transport hub which includes the relocation of Plunkett Station; the construction of a new sustainable transport bridge over the River Suir and the construction of new access roads and bridges on to the North Quays site.
Works could start in early 2023
A fourth element, improvements to the Kilkenny access roads, is also part of the overall project, however it is not part of this funding envelope and will be dealt with via a different approval process through URDF when it is ready to progress.
Senator Cummins added “Waterford City and County Council have completed a very significant tendering process for this public works contract which begun last year.
"The important message here is despite significant cost inflation, government is continuing to back this major project because it stacks up from a cost benefit perspective and will have a lasting impact on Waterford.
"We are going to see a major increase in construction activity in Waterford arising from this public infrastructure contract and private sector investment with up to 1100 direct and indirect jobs per year being sustained during the 3-5 years construction phase."
It is anticipated that the main contractor will be on site for construction to start early next year.
It is envisaged that the first phase of private development consisting of a hotel and conference space, retail development, flagship food experience, an office block and approximately 300 apartments will be developed in parallel with the delivery of the infrastructure works and arrangements are being finalised with the developer and the Irish Strategic Investment Fund in this regard with design teams appointed.
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