Waterford Council has granted planning permission for the €500m North Quays development.
Work on the mixed used real estate development which is the largest in the south-east, will start by Christmas.
The Waterford North Quays Strategic Development Zone, is a project of Falcon Real Estate Development Ireland, which says it will be central to unlocking the potential of the communities of Waterford and the south-east.
In a statement Falcon said it had received planning from Waterford City and County Council.
“We are delighted at the decision of Waterford City and County Council to grant full planning permission for the North Quays SDZ Project,” said Rob Cass, Director, Falcon Real Estate Development Limited.
“This is the culmination of four years of hard work with a significant effort made by many but particularly, the community and stakeholders of Waterford and the South East itself.” North Quays is over eight hectares of urban regeneration on a south-facing kilometre historic quayside waterfront in the centre of Waterford City.
The site consists of a sustainable transport hub, will be the largest mixed-use real estate development in the region’s €18bn economy and for the 603,000 people living in the south-east.
Waterford Council said it is, “delighted to advise that the Chief Executive has approved the Planning Application by Falcon Real Estate Development Ltd for the SDZ on the North Quays in Waterford and this represents the achievement of another important step.” The project description is a mixed-use development, and according to Falcon Real Estate Development, is to include, seven storey twin block comprising 15,000 square metres of prime office space to accommodate 1,100 jobs, immediately adjacent to the city’s train & bus station, at prime rents 50% better value than Dublin.
It is also planned that there will be a 30,000 m2 of high quality open and green community public space designed to attract visitors from Waterford, the surrounding areas and international tourists.
There will also be a mixed use commercial building destination comprising tourism, retail, food and beverage marketplace, cinema and crèche offering destination & digital retail for the region.
As a sign of confidence in the Development from Commercial Partners, the project has been commercially progressed that sees 50% of the apartments sold, 50% of the offices sold and the hotel pre-sold.
Construction work on the podium & piling aspect of the site itself is targeted to start by Christmas 2020 in tandem with the Government infrastructure programme plan that has already begun on the roads, with the bridge & rail programme due to commence upon funding confirmation from the government.
Falcon say they intend to purchase the whole of the North Quays site from Waterford Council and then immediately begin detailed design and contract award to general contractors.
It’s subject to the confirmation of government funding before the end of August.