'A brighter future': €110m funding signed off for Waterford North Quays redevelopment

Artists impression of the redeveloped North Quays. Picture: Falcon Real Estate Development

Waterford's North Quays is to benefit from over €110 million in funding after the Government signed off on funding for the redevelopment project.

The long-awaited funding approval has been hailed as a "watershed day" for the city by Senator John Cummins.

The funding paves the way for €400m development including significant retail and offices, a 200-bed hotel and conference facility and 200 apartments.

The project will see the construction of a new sustainable bridge over the River Suir, new road interchanges on to the North Quays site including Dock Road and Abbey Road access works, the relocation of the train station into the centre of the site creating a modern transportation hub and stabilisation works to the rock face in the vicinity of the existing Plunkett Station.

The package of €110.6m includes €80.6m from the Urban Regeneration Development Fund by the Department of Housing and €30m from the National Transport Authority.

It marks one of the single biggest investments ever in the South East and has been hailed as a vote of confidence in the potential of Waterford.

Senator Cummins thanked the team who have worked "quietly and methodically" to see the development through.

"The people of Waterford and the South East can now look forward with positivity and optimism to a brighter future."

Rob Cass, Director of Falcon Real Estate Development said the announcement is the beginning of a new and exciting chapter of growth for the city and the region.

"We thank everyone for joining us in our vision in delivering better community outcomes, which we expect the whole city and region to benefit from, both socially and economically," said Mr Cass.

According to the developer, city centre site will include Ireland’s first sustainable transport hub (new train, new bus and South East Greenway) to unlock better, more sustainable connectivity to and from Dublin.

It will be the largest mixed-use real estate destination development in the South East of Ireland’s €18bn per annum economy, serving 603,000 people living in Waterford’s 60-minute catchment.

The private development will create almost 2,300 full-time jobs by 2023 while a further 4,500 indirect jobs will be created in the community.

An aerial view of what the redeveloped quays will look like. Picture: Falcon Real Estate Development

"The development unlocks over €1.25bn for the exchequer over the 10 year period to invest back into other regional projects to further enable growth, which in the short-term, creates demand for over 2,500 homes in the immediate catchment; a further €500m economic opportunity to be delivered prior to opening," he said.

Mayor of the City and County of Waterford, Cllr Damien Geoghegan said the announcement marked a historic day for the city, county and south-east region.

A bright spot in the city's future as Covid-19 takes its toll on the area, Michael Walsh, Chief Executive of Waterford City and County Council said Waterford is well placed to show resilience and recover.

The people of Waterford have waited four years to see tangible progress on the project.

Fianna Fáil TD Mary Butler said the city has suffered from underdevelopment and underinvestment.

"Waterford’s North Quays in particular, an eight-hectare site pivotally located in the centre of the region’s City has remained derelict for decades; it has hindered the integration, sustainable development and attractiveness of the City and consequently the surrounding area," she said.

The Minister for Mental Health said the project is the breakthrough the people of Waterford deserve.