Waterford's €400m development could create thousands of jobs

Thousands of jobs will be created in Waterford City if plans for a massive retail and residential development get the go-ahead, it was announced today.

The €400m City Quay project is expected to employ around 500 people during construction and another 3,000 when completed.

Based on the site of Ard Rí Hotel the ambitious scheme will feature 400,000 square feet of retail, commercial, residential and cultural space as well as a new hotel.

Waterford TD and Tourism Minister Martin Cullen said the development was a vote of confidence in the county and its people.

“Waterford has many strengths including a strategic location, a compact city, proximity to a major port and an outstanding estuarine setting,” he said.

“Waterford has the potential to be Ireland’s leading Gateway city.

“WIT, an educational centre of excellence, is campaigning to be granted university status, Waterford Airport is expanding and growing its services to customers, while a new motorway to Dublin is due for completion by 2010, together with a new bypass and second river crossing.

“The City Quay development, when completed, will greatly add to the economic, social and cultural strengths of Waterford City.”

A planning application for City Quay is to be lodged tomorrow.

At the launch developer Tom Coughlan pledged the new 208 bed hotel would be finished by the start of the Tall Ships Race in Waterford in 2011 if they get to work by next year.

“As Ireland enters more challenging economic times, specifically in the construction industry, only projects with excellent potential will succeed,” Mr Coughlan said.

“With the support we have received from the City of Waterford for this project, as well as the strength of the local Waterford economy, we are confident that City Quay will help Waterford continue its development as one of Ireland’s leading regional cities.”

The city’s chamber of commerce said the development would enhance Waterford as both a place to live and work.