NORTH QUAYS: Investors carrying out ‘review’ of landmark Waterford development
The investors behind the landmark North Quays project are carrying out a “review” of the development, the CEO of Waterford City and County Council has confirmed.
Michael Walsh made the revelation in a letter to local councillors yesterday.
The North Quays has been best by significant delays in recent months, leading to speculation locally that the project may not proceed as planned.
In the letter, seen by WaterfordNow.ie, Mr Walsh wrote: “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.”
Earlier today, Falcon Real Estate Development Ireland issued a press release confirming the planning application will be submitted to Waterford City and County Council by the end of November.
According to the developers, up to €350 million will be invested in the project, phased over three to five years. It is estimated up to 2,300 full-time jobs will be created during the development, along with 4,500 indirect positions.
Subject to permission being granted, this means work on the North Quays is likely to start in the fourth quarter of 2020.
The North Quays, an eight-hectare real estate mixed use scheme, was conferred SDZ (Strategic Development Zone) designation by the Government in 2016. It would be the largest ever development in the history of the city and provide a major economic boost for Waterford and the South East.