Huge boost for region as investors confirm €350m Ferrybank development will go ahead
After months of speculation, the economy of South Kilkenny, Waterford and the South East region recieved a huge boost today after the €350m North Quays development received firm commitments from its investors that the project is ready to progress.
Falcon Real Estate Development confirmed it will lodge a formal planning application to Waterford City and County Council for the project before the end of November.
Subject to the granting of planning permission, work on the project is likely to start by the fourth quarter of 2020, according to the company.
In a statement released this morning, a spokesperson for the developer said: “The North Quay development marks a major economic boost for Waterford and the South East Region of Ireland.
“The total investment is estimated to be €350 million in the development, phased over three to five years. 2,300 full-time roles will be created during the development of the new district, with an additional 4,500 indirect jobs.”
The development consists of a 13 storey, 200-room four-star hotel and conference centre; a mixed-use commercial building comprising tourism, retail, food and beverage, and leisure activities; 12,000 square meters of office space over two seven-storeys buildings; and five residential buildings accommodating 500 to 600 residents. The whole development will create 2,300 jobs directly once completed and a further 4,500 indirect jobs.
The news will come as a major boost to the region and follows months of speculation locally that the project had stalled.
However, in a statement, Waterford City and County Council CEO Michael Walsh confirmed the planning application will be lodged for the project before the end of next month.
Mr walsh said: “There has been considerable speculation surrounding progress in respect of the North Quays project and there have been delays in recent months that are unfortunate, but equally necessary, for a project of this scale and complexity.
“For the purposes of clarity, Falcon Real Estate have been undertaking a full review of the detail of the North Quays development, it being imperative that the planning application is consistent with feedback from the market place, and appropriately aligned to meet market demand.
“Market engagement and design reviews have been happening with a number of months now, and the company has confirmed in writing that a planning application will be lodged by the end of November – subsequent to the completion of some design alterations and additional work on Environmental Impact Assessment, to meet the Planning Authority’s requirements,” he added.