The sod will officially be turned on Waterford's North Quays Development this morning (Monday).
An Taoiseach Leo Varadkar, the Transport Minister, Éamonn Ryan, and the Housing Minister, Darragh O'Brien will all be in attendance for the occasion.
It comes after government funding of €170 million was approved for the development last November.
€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.
Representatives from BAM and Harcourt Developments will also attend today's ground-breaking ceremony.
Harcourt will be responsible for the commercial development of the site, while BAM were awarded the contract for construction.
"I honestly think that we are going to look back in 10 years' time and say that Monday was the day that was the catalyst that everything that followed," Waterford senator John Cummins told WLR in advance of today's ceremony.
"You know, it's unprecedented - €170 million investment by government.
"I want to commend everyone that has been involved over the last six or seven years."
Speaking to WLR News at Sunday's historic Thomas Francis Meagher Tricolour Celebrations, Independent TD Matt Shanahan said he thinks "it's great that we are getting this exposure now" and "hopes that we will see further funding."
"The sod-turning at the North Quays is very, very welcome," he said, "after a very protracted period now.
"We obviously need other investments and that's hopefully what we'll see following these visits.
"... I think, at the end of the day, it's about where the money goes - that's what determines how important we are - but certainly, the investment in the North Quays, in Mount Congreve, and in the Urban Renewal are all signals that Waterford is starting to get back to where we need to be."
Stay tuned to Déise Today after 10am and to WLR News for more on this story.
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