State funding ‘imminent’ for Ferrybank’s €350m North Quays project

By COLIN BARTLEY

THE Government has committed to providing substantial funding for a development project in Ferrybank which could transform the South East region.

Housing Minister Eoghan Murphy gave the commitment to partially fund the North Quays Development to Waterford TD David Cullinane during a Dáil debate this week.

The commitment to funding, which could be anywhere in the region of up to €100 million, is imminent subject to checks and balances, according to the Minister.

The funding for the huge 90,000sq/mts development in Ferrybank will come from the Government’s Project 2040 Urban Regeneration and Development Fund.

If Government funding is forthcoming, it should pave the way for one of the biggest developments in the recent history of the South East region. So far just €6 million in Government funding has been approved for the project. It is estimated the total cost of the North Quays Redevelopment is around €350 million. The developers are requesting State support to progress the development.

Falcon Real Estate Investments say 1,500 jobs will be created between the construction stage and 2,800 jobs upon completion. These additional jobs alone will generate consumer spend of €50m per annum into the South East region according to the developers.

The North Quays Development will provide offices, accommodation, retail space, hotels and entertainment on an eight-hectare site on the north shore of Waterford city.

An Bord Pleanála has already approved compulsory purchase orders for lands required for the redevelopment project, and the lands rezoned a Strategic Development Zone (SDZ).