€170 million now approved for North Quays development in Waterford
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.
NORTH QUAYS DEVELOPER ANNOUNCED
AT a meeting this evening with Waterford’s Councillors, Harcourt Developments were announced as the newly appointed developer for the North Quays project.
Harcourt Developments is a Dublin-based property development and management company with a broad portfolio of award-winning projects. The company develops residential and commercial projects and has developed and operated and tourism & leisure projects. It has had real estate interests in thirteen different countries.
According to Waterford City & County Council, an important part of Harcourt’s philosophy is to “integrate cultural and artistic elements into their projects, and they take pride in creating beautiful buildings and attractive amenities”.
Their portfolio boasts Belfast’s Titanic Quarter, Northern Ireland’s most important regeneration project. Located in the world-famous birthplace of Titanic and home to the Game of Thrones television production, Titanic Quarter is a vibrant, mixed-use scheme with over 1.8 million sq.ft. (140,000 sqm.) of commercial space, plus residential, retail, and hospitality and tourism spaces. Titanic Belfast is one of Ireland’s most popular tourist attractions.
Park West Plaza in Dublin is Ireland’s largest business and technology campus. The Park extends to 230 acres accommodating a mix of office (103,000sqm.), industrial (205,000sqm.), retail (6,000 sqm.) leisure and residential accommodation.
Harcourt Developments Shopping Centres include Galway Shopping Centre, Donaghmede Shopping Centre in Dublin, Letterkenny Shopping Centre, Laois Shopping Centre, Limerick’s Parkway Shopping Centre and the Longwalk Shopping Centre in Dundalk.
Harcourt Developments currently have over 4,000 residential units at various stages in the planning and in development including Park West & Parklands at Citywest, Dublin and Bellingham Waterfront in Washington State.
Harcourt Developments is engaging with the Ireland Strategic Investment Fund (ISIF) on structuring an investment proposal for developing the site that would be capable, subject to due diligence and the necessary approvals, of attracting capital on a commercial basis. The Land Development Agency is engaged in respect of the residential element. These investments are integral in achieving the objectives set out on the National Planning Framework, which calls for the rapid expansion of Waterford city to over 85,000 people.
The direct benefit to Waterford of the investment in the SDZ Site is anticipated to be in excess of €350m over the next six years, with 200 people employed during construction and between 1,200 and 1,500 people employed in phase one of the development from 2025.
The regeneration of the North Quays will also have a positive sustainable and environmental impact as it will enable development of a concentric city and allow access to zoned residential land closer to the city centre, reduce dependency on travel by private car and increase the modal shift of journeys in Waterford city towards walking and cycling, and optimise social cohesion with the creation of public realm corridors.
Following today’s funding announcement Waterford City and County Council’s elected members will convene to vote on the disposal of lands to Harcourt Developments to facilitate the development of the SDZ site and to CIE (Irish Rail) to enable the development of the access infrastructure pursuant to Section 183 of the Local Government Act, 2001 and Section 211 of the Planning & Development Act, 2000.
Waterford City and County Council will also conclude a contract with the successful tenderer for the construction of the Access Infrastructure.
Private investment for Waterford Airport reportedly secured
An €8m private investment which will secure the future of Waterford Airport has reportedly been secured.
Darren Skelton of the Waterford News & Star has reported this morning that a private investment company, as well as the airport’s largest shareholder, Mr. William Bolster, will spearhead funding for the proposed runway extension – which would clear the way for commercial airlines to fly in and out of Waterford.
The balance of the extension cost, €5m is then set to be covered by the Government’s Exchequer Grant – while €2m will come from Waterford, Wexford and Kilkenny Councils.
It’s believed that the plan will be presented to the board of Waterford Airport in the coming weeks.
