- €100.6m in Urban Regeneration and Development Fund investment and €70m in National Transport Authority funding to open up access to Strategic Development Zone
- Harcourt Developments announced as North Quays SDZ Developer
The Government has today given approval for €170.6m of investment in the Waterford North Quays Infrastructure Project.
Mayor of Waterford City and County, Cllr. John O’Leary said, “This investment represents another significant step in bringing the development of the North Quays to reality and delivering a strategic economic and social catalyst for Waterford and the region.
“The North Quays will not only be a game changer for Waterford’s future economic development, but the benefits will also permeate the region’s environmental, tourism and cultural sectors.”
This transformative project will create a sustainable modern mixed-use development that will harness and extend Waterford’s city centre, whilst reinstating the primacy of the river by creating a compact and vibrant core centred on the River Suir.
The funding announced will deliver the public infrastructure that will serve both the SDZ site and the public, including enhanced multi-modal access routes, an integrated transport hub and the sustainable transport bridge. The award of a contract for the construction of this public infrastructure project is imminent and works will be complete in 2025.
Waterford’s new state of the art Transport Hub will be unique in Ireland and will put Waterford at the forefront of integrated city centre transport infrastructure, with train, bus, taxi, cycling and car parking all in one location. The North Quays will be connected to the heart of the city centre by a new sustainable transport bridge for pedestrians, bicycles, and a courtesy bus service.
The infrastructure will enable the commercial development on the SDZ Site, which will include offices, residential, retail, accommodation, and tourism investment in conference/exhibition facilities, as well as a 4-star hotel and visitor’s centre.
The proposed development also places a significant emphasis on improving the public realm through investment in new civic spaces, pedestrian facilities, and high-quality transport infrastructure which will connect Waterford and the South-East Greenways.
While elements of the project will have important transport and socio-economic benefits, the main objective is to leverage further investment in Waterford City and the region, by attracting indigenous and multinational companies and expanding the retail and tourism sectors.
The development of the North Quays as a modern multi-purpose development on the North site of the city will increase employment, provide much needed high quality residential units, enhance the retail offer and build on Waterford’s reputation as the Best Place to Live in Ireland.
Michael Walsh, Chief Executive, Waterford City and County Council also welcomed the announcement, “Today’s announcement is very much welcomed by Waterford City and County Council. It underpins the Government’s commitment to one of the biggest investments ever in the southeast.
“The transformative effects of this investment are guaranteed to bring significant benefits to the region and help make Waterford a better place to live, work and invest in.”
A revised vision for the North Quays has been created by the newly appointed SDZ developer, Harcourt Developments.
Harcourt Developments is a Dublin-based property development and management company with a broad portfolio of award-winning projects. The company develops residential and commercial projects and has developed and operated and tourism & leisure projects. It has had real estate interests in thirteen different countries.
An important part of Harcourt’s philosophy is to integrate cultural and artistic elements into their projects, and they take pride in creating beautiful buildings and attractive amenities.
Their portfolio boasts Belfast’s Titanic Quarter, Northern Ireland’s most important regeneration project. Located in the world-famous birthplace of Titanic and home to the Game of Thrones television production, Titanic Quarter is a vibrant, mixed-use scheme with over 1.8 million sq.ft. (140,000 sqm.) of commercial space, plus residential, retail, and hospitality and tourism spaces. Titanic Belfast is one of Ireland’s most popular tourist attractions.
Park West Plaza in Dublin is Ireland’s largest business and technology campus. The Park extends to 230 acres accommodating a mix of office (103,000sqm.), industrial (205,000sqm.), retail (6,000 sqm.) leisure and residential accommodation.
Harcourt Developments Shopping Centres include Galway Shopping Centre, Donaghmede Shopping Centre in Dublin, Letterkenny Shopping Centre, Laois Shopping Centre, Limerick’s Parkway Shopping Centre and the Longwalk Shopping Centre in Dundalk.
Harcourt Developments currently have over 4,000 residential units at various stages in the planning and in development including Park West & Parklands at Citywest, Dublin and Bellingham Waterfront in Washington State.
Harcourt Developments is engaging with the Ireland Strategic Investment Fund (ISIF) on structuring an investment proposal for developing the site that would be capable, subject to due diligence and the necessary approvals, of attracting capital on a commercial basis. The Land Development Agency is engaged in respect of the residential element. These investments are integral in achieving the objectives set out on the National Planning Framework, which calls for the rapid expansion of Waterford city to over 85,000 people.
The direct benefit to Waterford of the investment in the SDZ Site is anticipated to be in excess of €350m over the next six years, with 200 people employed during construction and between 1,200 and 1,500 people employed in phase one of the development from 2025.
The regeneration of the North Quays will also have a positive sustainable and environmental impact as it will enable development of a concentric city and allow access to zoned residential land closer to the city centre, reduce dependency on travel by private car and increase the modal shift of journeys in Waterford city towards walking and cycling, and optimise social cohesion with the creation of public realm corridors.
Following today’s funding announcement Waterford City and County Council’s elected members will convene to vote on the disposal of lands to Harcourt Developments to facilitate the development of the SDZ site and to CIE (Irish Rail) to enable the development of the access infrastructure pursuant to Section 183 of the Local Government Act, 2001 and Section 211 of the Planning & Development Act, 2000.
Waterford City and County Council will also conclude a contract with the successful tenderer for the construction of the Access Infrastructure.