The Cabinet is to sign off on 170 million euro in funding for the Waterford North Quays Development this morning.
It will allow Waterford City and County Council to appoint a new developer after Falcon Real Estate, backed by Saudi money, failed to meet its funding timetable.
The project includes a 15 storey hotel and conference centre, twin blocks of office space and 300 apartments.
A new train station, transport hub and pedestrian bridge is also being built across the river Suir as part of the most ambitious development ever seen in Waterford.
According to the Irish Examiner, €100.6m will come from the Department of Housing under the Urban Regeneration and Development Fund (URDF) and €70m from the Department of Transport through the National Transport Authority, to allow Waterford Council to proceed with appointing a contractor and commencing construction.
More to follow this morning.
